1) 30 POINTS Medi-Tools Inc. (MTI), makes special tools for medical field. In April, MTI incurred manufacturing costs of 9,000,000 for direct materials, direct labor and manufacturing overhead. 1/3 of the total costs represents overhead applied. The overhead rate is $1 for every $1.5 of direct labor costs incurred. The following information was available. April 1 April 30 Raw Materials $600,000 Work In Process 800,000 $500,000 700,000 500,000 Finished Goods 300,000 At the end of April, there was $100,000 of overapplied overhead Required a) Determine the cost of raw materials purchased in April b) Determine the cost of goods manufactured in April c) Compute the cost of goods sold for April d) Provide the journal entries for the above determinations e) Assuming the sales revenue for the month was $15,000,000, determine the gross profit