Oracle Corporation has provided the following data for the fiscal year 2023:

• Raw Materials Purchased: $15,500,000
• Direct Labor: $10,000,000
• Manufacturing Overhead: $9,500,000
• Beginning Raw Materials: $2,000,000
• Ending Raw Materials: $2,100,000
• Beginning Work in Process: $2,200,000
• Ending Work in Process: $2,300,000
• Beginning Finished Goods: $4,000,000
• Ending Finished Goods: $4,100,000
• Sales Revenue: $110,000,000
• Selling and Administrative Expenses: $12,000,000

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 Oracle Corporation.