The following information is available for Satterfield's Custom Glass for the fiscal year ending December 31, 2020:

Beginning balance in Work In Process Inventory $210,000

Ending balance in Work In Process Inventory 300,000

Beginning balance in Finished Goods Inventory 500,000

Ending balance in Finished Goods Inventory 400,000

Direct material cost 2,500,000

Direct labor cost 3,000,000

Manufacturing overhead 1,700,000

Selling and administrative expenses 1,350,000

Sales 8,500,000

Please show all formulas and values

a. Prepare a schedule of costs of goods manufactured.

Satterfield's Custom Glass

Schedule of Cost of Goods Manufactured

For the Year Ended December 31, 2020

Beginning balance in work in process inventory ?????

Add current manufacturing costs:

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Total ?????

Less ending balance in work in process inventory ?????

Cost of goods manufactured ?????

b. Prepare an income statement for fiscal 2020. Ignore income taxes.

Satterfield's Custom Glass

Income Statement

For the Year Ended December 31, 2020

Sales ?????

Less cost of goods sold:

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Gross profit ?????

Less nonmanufacturing expenses:

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Net income (loss) ?????

Note: Some of the columns highlighted in yellow require subtotals or totals.