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 $2,000 Finished Goods Inventory, December 31, 2020 $4,000 Raw Materials Inventory, December 31, 2020 $8,000 Sales $150,000 $8,000 Customer service website licensing expenses 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 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 T-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 drop box. Work In Process Inv Finished Goods Inv ? Beginning Balance Purchases Raw Material Inv $2,000 $30,000 2 Beginning Balance 2. DM used Beginning Balance DM Used DL * Ending Balance COGM** COGM ? ? COGS*** ? ? Ending Balance $8,000 Ending Balance ? * Numbers given in problem **Cost of Goods Manufactured (solve for) Cost Goods Sold(solve for) (Hint: fill in the Taccount with everything but COGM. Then solve for COGM) (Hint: fill in the Taccount with everything but COGS. Then solve for COGS)