Use the information from Abbott Labs to compute total manufacturing costs for the year ended December 31, 2021. The schedule below will help you with the computations: Abbott Laboratories Summary of Cost of Goods Sold for the year ended December 31, 2021 (amounts in millions) Cost of goods manufactured Add: Beginning Finished Goods inventory (Dec 31, 2020) Cost of goods available for sale Less: Ending finished goods inventory (Dec. 31, 2021) Cost of goods sold Abbott Laboratories Schedule of Cost of Goods Manufactured for the year ended December 31, 2021 (amounts in millions) Total manufacturing costs for the year Add: Beginning Work in process inventory (Dec 31, 2020) Total cost of work in process during the year Less: Ending Work in process inventory (Dec 31, 2021) Cost of goods manufactured Abbott Laboratories and Subsidiaries Consolidated Balance Sheet (dollars in millions) Assets Current assets: Cash and cash equivalents Investments, primarily bank time deposits and U.S. treasury bills Trade receivables, less allowances of 2021: $519, 2020: $460 Inventories: Finished products Work in process Materials Total inventories Other prepaid expenses and receivables Total current assets Investments Property and equipment, at cost: Land Buildings Equipment Construction in progress Less: accumulated depreciation and amortization Net property and equipment Intangible assets, net of amortization Goodwill Deferred income taxes and other assets 2021 December 31 2020 S 9,799 S 450 6,838 6,487 310 6,414 3,081 3,030 694 712 1,382 1,270 5,157 5,012 2,346 1,867 24,239 20,441 816 821 525 538 4,007 4,014 13,528 12,884 1,304 1,357 19,364 18,793 10,405 9,764 8,959 9,029 12,739 14,784 23,231 23,744 5,212 3,729 75,196 72,548 INVENTORIES-Inventories are stated at the lower of cost (first-in, first-out basis) or net realizable value. Cost includes material and conversion costs. Abbott Laboratories and Subsidiaries Consolidated Statement of Earnings (in millions except per share data) Year Ended December 31 2021 2020 2019 Net Sales Cost of products sold Amortization of intangible assets Research and development Selling, general and administrative S 43,075 18,537 S 34,608 S 31,904 15,003 13,231 2,047 2,132 1,936 2,742 2,420 2,440 11,324 9,696 9,765 Total Operating Cost and Expenses 34,650 29,251 27,372 Operating Earnings 8,425 5,357 4,532 Interest expense 533 546 670 Interest income (43) (46) (94) Net foreign exchange (gain) loss I (8) 7 Debt extinguishment costs 63 Other (income) expense, net (277) (103) (191) Earnings from Continuing Operations Before Taxes 8,211 4,968 4,077 Taxes on Earnings from Continuing Operations 1,140 497 Earnings from Continuing Operations 7,071 4,471 390 3,687