5. The selected amounts that follow were taken from Kentucky Corporation's accounting records: $ 27.000 35,000 104,000 19,000 100,000 175,000 60,000 300,000 125,000 18,000 Raw material used Direct labor Total manufacturing costs Work-in-process inventory, 1/1 Cost of goods manufactured Cost of goods available for sale Finished-goods inventory, 12/31 Sales revenue Selling and administrative expenses Income tax expense Required: Compute the cost of goods sold two reasons why you study managerial accounting