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 Required 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: 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: Gross profit Less nonmanufacturing expenses: Net income (loss)