M2: Lesson 4: Traditional Income Statement The accounting records for Miller company, a small manufacturing plant, at the end of December 31, 2020 is as follows: $2.000 Work in Process Inventory, December 31, 2020 Finished Goods Inventory, December 31, 2020 Raw Materials Inventory, December 31, 2020 $400 $8,000 Sales $150,000 $8.000 Customer service website licensing expenses Factory utilities $12.000 $3,000 Delivery expense Sales Commission expense $5,000 $23.000 Direct labor Raw material purchase $30,000 Factory building depreciation $6,000 Factory janitorial services $2300 Additionally, the accounting records show the balance in the following inventory accounts as of December 3, 2019 Raw Materials inventory $2.000 Work in process inventory $3.000 Finished Goods Inventory 51.200 Required: You have been tasked with completing an income statement for the year ended December 31, 2020 using the traditional GAAP) format. In order to complete this you must do the following 1. Fira determine the COGS for the year. You have to calculate this by using accounts for the inventory accounts and see how the costs flow through those accounts. To help out in this process, adag is provided below 2. Once you determine the COGS. complete the rest of the income statement a Type out your income statement in the following dropbox > COM M2: Lesson 4: Traditional Income Statement The accounting records for Miller company, a small manufacturing plant, at the end of December 31, 2020 is as follows: $2,000 Work In Process Inventory, December 31, 2020 Finished Goods Inventory, December 31, 2020 Raw Materials Inventory, December 31, 2020 56.000 $8,000 Sales $150.000 $8,000 Customer service website licensing expenses Factory utilities $12,000 $3.000 Delivery expense Sales Commission expense 55.000 Direct labor $23,000 Raw material purchases $30,000 Factory building depreciation $6.000 Factory janitorial services $2,300 Additionally, the accounting records show the balance in the following inventory accounts as of December 31, 2019 Raw Materials inventory $2.000 Work in process Inventory $3,000 Finished Goods Inventory $1.200 Required: You have been tasked with completing an income statement for the year ended December 31, 2020 using the traditionallGAAP) format. In order to complete this you must do the following 1. First determine the COGS for the year. You'll have to calculate this by using Taccounts for the inventary accounts and see how the costs flow through those accounts. To help out in this process, diagram is provided below. 2 Once you determine the COGS, complete the rest of the income statement 2. Type out your income statement in the following box CON