A B C Plus: Raw materials purchased Less: Ending raw materials Raw materials used in production Direct labor Manufacturing overhead applied Total current manufacturing costs D E F Plus: Beginning work in process inventory Less: Ending work in process inventory 3 Cost of goods manufactured Prepare an income statement for a manufacturing firm. Note: Use cell A2 to A23 from the given information to complete this question. Enter all ending inventory amounts as negative numbers. Stanford Enterprises Income Statement Sales revenue Less: Cost of Goods Sold Finished goods inventory, beginning Plus: Cost of goods manufactured Less: Ending finished goods inventory Unadjusted cost of goods sold Underapplied (overapplied) overhead Adjusted cost of goods sold Gross Profit Less: Selling, general, and administrative expenses (10% of Sales) Net Operating Income G $ 1,500,000