The following information is available for Marx, Inc. for the fiscal year ending December 31, 2020: Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory $220,000 330,000 Beginning balance in Finished Goods Inventory 500,000 Ending balance in Finished Goods Inventory 410,000 Direct material cost 2,200,000 Direct labor cost 3,000,000 Manufacturing overhead 1,620,000 Selling and administrative expenses 1,350,000 8,040,000 Sales Prepare an income statement for fiscal 2020. Ignore income taxes. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) Marx, Inc. Income Statement For the Year Ended December 31, 2020 |