\#1: Why do some firms do not report inventories on their balance sheet? [2 pts] \#2: Assume that you are running a business involving the manufacture and sale of tablets. Raw material costs are $70 per product Direct labor costs are $25 per product. You sell each product for $150. Last month, you produced 120 products and sold 80 products. In this case what was your COGS (cost of goods sold) last month? Show your steps. [2 pts]