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 $2,000 31, 2020 Finished Goods Inventory, December $4,000 31, 2020 Raw Materials Inventory, December $8,000 31, 2020 Sales $150,000 Customer service website licensing $8,000 expenses Factory utilities $12,000 Delivery expense $3,000 Sales Commission $5,000 expense Direct labor $23,000 Raw material $30,000 purchases Factory building $6,000 depreciation Factory janitorial $2,300 services 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