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 cost of goods manufactured. 

b. Prepare an income statement for fiscal 2020. Ignore income taxes.