The following information is available for Satterfield's Custom Glass for the fiscal year ending December 31, 2014:

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 2014. Ignore income taxes.