Procter & Gamble reported the following data for the year 2023:

• Direct Materials Used: $5,700,000
• Direct Labor: $3,300,000
• Manufacturing Overhead: $2,900,000
• Sales: $28,000,000
• Selling Expenses: $1,600,000
• Administrative Expenses: $1,100,000
• Beginning Work in Process Inventory: $500,000
• Ending Work in Process Inventory: $600,000
• Beginning Finished Goods Inventory: $1,200,000
• Ending Finished Goods Inventory: $1,100,000

Requirements:

1. Calculate the total manufacturing cost.
2. Compute the cost of goods manufactured.
3. Determine the cost of goods sold.
4. Prepare an income statement for the year 2023.