a IMPORTANT: Answer grading policy For an answer to be graded as correct, you must use an Excel formula: 1. Begin each formula with an = sign. 2. Reference cells, instead of entering values. Example: =B3+C3 OK 8.630 in O A manufacturing company reports the following for the period: Inventories Beginning Ending Raw materials $18,020 $12,000 Work in process 9,400 11,200 Finished goods 12,460 8,630 Activities for the period Raw materials purchases $8,100 Direct materials used 14,120 Direct labor used 9,200 Overhead applied 11,040 Sales 40,000 Required: 1. Prepare a schedule of cost of goods manufactured. Required: 1. Prepare a schedule of cost of goods manufactured. (Use cells A4 to C14 from the given information to complete this question.) Schedule of Cost of Goods Manufactured Total manufacturing costs Total cost of work in process Cost of goods manufactured 2. Compute gross profit. (Use cells A4 to C14 from the given information to complete this question.) Gross profit