Accounting records indicate certain balances in inventory accounts for 20xx Materials Inventory Work in Process Inventory Inventory of finished products 1/1/xx $ 20,000 -0- $12,000 31/12/XX $ 15,000 $20,000 $22,000 Another Facts The prime costs were $ 351,250. Materials were purchased 10 times the amount of what was in materials inventory at the beginning of the year. Direct Labor costs represent 45% of the conversion costs which were $ 325,000. The company generates, on average, 30% of gross profit (Gross Margin). Required Prepare the statement of the cost of manufactured goods Calculate the following games for 20xx: a. Cost of materials used (Direct Materials Used) b. Direct Labor Cost C. Indirect factory costs incurred (Manufacturing Overhead) d. Cost of Goods Manufactured and. Unit cost (100 units are produced) F. Sales of the period g. Cost of goods sold