The following information is available for Sheffield Company. January 1, 2020 2020 Raw materials inventory $23,960 Work in process inventory 13,880 Finished goods inventory 31,470 Materials purchased $152,080 Direct labor 224,990 Manufacturing overhead 182,310 Sales revenue 902,240 December 31, 2020 $34,420 20,020 25,320 Compute cost of goods manufactured. SHEFFIELD Company Cost of Goods Manufactured Schedule Prepare an income statement through gross profit. SHEFFIELD COMPANY Income Statement (Partial) Show the presentation of the ending inventories on the December 31, 2020, balance sheet. SHEFFIELD COMPANY (Partial) Balance Sheet