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Problem P2-1 Cost of Goods Manufactured, Cost of Goods Sold, and Income The following information is available for Satterfield's Custom Glass for the fiscal year ending December 31, 2020: Beginning balance in Work In Process Ending balance in Work In Process Beginning balance in Finished Goods Ending balance in Finished Goods Direct material cost Direct labor cost Manufacturing overhead Selling and administrative expense Sales $210,000 300,000 500,000 400,000 2,500,000 3,000,000 1,700,000 1,350,000 8,500,000 Required: Part a. Prepare a schedule of costs of goods manufactured. Part b. Prepare an income statement for fiscal 2020 Ignore income taxes