Income Statement and Supporting Schedules.The following information is for Ciena, Inc., for the year ended December 31, 2020.Raw materials inventory beginning balance$ 15,000Raw materials inventory ending balance$ 12,000Work-in-process inventory beginning balance$ 825,000Work-in-process inventory ending balance$ 900,000Finished goods
Income Statement and Supporting Schedules.The following information is for Ciena, Inc., for the year ended December 31, 2020.
Raw materials inventory beginning balance $ 15,000
Raw materials inventory ending balance $ 12,000
Work-in-process inventory beginning balance $ 825,000
Work-in-process inventory ending balance $ 900,000
Finished goods inventory beginning balance $ 615,000
Finished goods inventory ending balance $ 525,000
Raw material purchases $ 150,000
Direct labor used in production $ 187,500
Manufacturing overhead (not indirect materials) $ 945,000
Selling costs $ 135,000
General and administrative $ 360,000
Sales revenue $1,897,500

Of the total raw materials placed in production for the year, $18,000 was for indirect materials.
Required:
1. Prepare a schedule of raw materials placed in production for the year ended December 31, 2020.
2. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020.
3. Prepare a schedule of cost of goods sold for the year ended December 31, 2020.
4. Prepare an income statement for the year ending December 31, 2020.