ACC202 S : AUGUST 2022: ASSIGNMENT 2 QUESTION 1: (20 MARKS) Beginning balance on inventories on 1 January 2021 ($): Direct materials 30,000 Work-in-progress 28,000 Finished goods 16,000 Closing balance on inventories on 31 December 2021 ($): Direct materials 36,000 Work-in-progress 24,000 Finished goods 20,000 Other information for year ended 31 December 2021 ($): Sales revenue: 290,000 Purchases of direct materials 75,000 Direct labour 99,000 Manufacturing overheads 32,000 Required: Calculate the cost of goods sold and gross profit for year ended 31 December 2021. (20 marks)