Walmart Inc. has provided the following data for the fiscal year 2023:

• Raw Materials Purchased: $5,500,000
• Direct Labor: $3,200,000
• Manufacturing Overhead: $2,600,000
• Beginning Raw Materials: $700,000
• Ending Raw Materials: $800,000
• Beginning Work in Process: $900,000
• Ending Work in Process: $1,000,000
• Beginning Finished Goods: $1,100,000
• Ending Finished Goods: $1,200,000
• Sales Revenue: $35,000,000
• Selling and Administrative Expenses: $4,000,000

Requirements:

1. Prepare a schedule of cost of goods manufactured.
2. Calculate the cost of goods sold.
3. Determine the gross profit.
4. Prepare an income statement for Walmart Inc.