The following data relates to the Taylor Co's annual operation:

Direct Materials Inventory, Beginning	$900
Direct Materials Inventory, Ending	$600
Direct Materials Purchased	$7,000
Direct Labor	$3,000
Factory Overhead	$5,000
Work-in-Process Inventory, Beginning	$1,400
Work-in-Process Inventory, Ending	$1,500
Finished Goods Inventory, Beginning	$4,000
Finished Goods Inventory, Ending	$3,700
Sales Revenue	$25,000
Selling and Administrative Expenses	$6,000
Income Tax Rate	30%

Required) Please answer the following questions and show all your works to get full credits.

a. Prepare the company's Cost of Goods Manufactured Schedule

b. Prepare the company's Income statement