1-A manufacturing company makes the products it sells. Identify and define the cost elements that are involved in manufacturing a product. Once the cost elements of the products have been identified, how is the cost of goods manufactured for a period determined? (5 marks) 2- The following data have been provided from the Morgan Manufacturing Company for the most recent period: Sales $30,000 Purchases of raw materials $9,000 Raw materials inventory, ending $1,050 Raw materials inventory, beginning $1,400 Utilities on factory ... $3,300 Direct labor $3,00 Administrative expense................................................... $2,000 Selling expenses $1,200 Work in process inventory, beginning............................ $900 Salary of factory Supervisor........................................... $4,500 Work in process inventory, ending $1,200 Finished goods inventory, beginning $1,100 Finished goods inventory, ending $1,300 Required: Calculate the cost of goods sold. (5 marks).