The accounting records for Miller company, a small manufacturing plant, at the end of December 31, 2020 is as follows: Work in Process Inventory, December 31, 2020 Finished Goods Inventory, December 31, 2020 $2,000 $4,000 Raw Materials Inventory, December 31, 2020 $8,000 Sales $150,000 Customer service website licensing expenses $8.000 Factory utilities $12,000 Delivery expense $3,000 Sales Commission expense $5,000 Direct labor $23,000 $30,000 Raw material purchases Factory building depreciation Factory janitorial services $6.000 $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 . 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 Priventory $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 traditional GAAP) 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 accounts for the Inventory accounts and see how the costs flow through those accounts. To help out in this process, a diagram is provided below 2. Once you determine the COGS, complete the rest of the income statement. 3. Type out your income statement in the following dropbox Work in Processing Finished Goods Iaw Material $2.000 $30,000 2 Begiving a Purchases OM Being Balance DM Used DI MOS Ending balance 2 COGMTH COM 2 2 2 ? 2 COST Ending Balance 58.000 Ending Bulance 12 * Numbers given in problem - Cost of Man (for) Cost of Goods sold solve for (HintWin the Terms with everything but COGM. The role for COGM) (Hint: All in the account with everything but COGS. The role for COGS