Intel Corporation has provided the following data for the year 2023:

• Raw Materials Purchased: $6,800,000
• Direct Labor: $4,000,000
• Manufacturing Overhead: $3,500,000
• Beginning Raw Materials: $900,000
• Ending Raw Materials: $1,000,000
• Beginning Work in Process: $1,100,000
• Ending Work in Process: $1,300,000
• Beginning Finished Goods: $1,400,000
• Ending Finished Goods: $1,500,000
• Sales Revenue: $40,000,000
• Selling and Administrative Expenses: $5,500,000

Requirements:

1. Prepare a schedule of cost of goods manufactured.
2. Calculate the cost of goods sold.
3. Determine the gross profit.
4. Prepare an income statement for Intel Corporation.