7. Given Sales 1,700,000 Direct materials used 90,000 Direct labour 160,000 Variable manufacturing overhead 140,000 Fixed manufacturing overhead 250,000 Selling and administrative costs (all fixed) 400,000 Opening work in process inventory 50,000 Closing work in process inventory 40,000 Opening finished goods inventory 100,000 Closing finished goods inventory 150,000 What are the total manufacturing costs for the period? What is the cost of goods manufactured? What is the cost of goods sold? What is the gross profit? What is net profit (loss)