Additional details:Sales price per filing cabinet is$500There are800tool cabinets in finished goods inventory at the end of 2019 with avalue of $3,60,000. At the end of each quarter, ABC Company requires to have620units in finished goods inventory.Each cabinet uses54sq. ft. of steel during the manufacturing process. The cost ofsteel for 2020 is estimated to be $12per sq. ft.ABC Company currently has30,400sq. ft.of steel in the beginning inventory. Atthe end of each quarter, ABC Company wants to have40,400sq. ft.of endinginventory.Each cabinet requires4machine hours and2direct labour hrs to produce.Direct Labour costs $15per direct labour hour.ABCCompany allocates manufacturing overhead costs based on the estimated machinehours. Estimated manufacturing overhead cost for 2020 are$6,50,000and are all variable.For each quarter, it is estimated that40% of sales will be cash and60% will be credit sales. Of the credit sales, 80% pay in the quarter of the sale and 20% pay in thefollowing quarter. Credit sales from Q4 2019 were$13,00,000Direct labour costs and manufacturing overhead costs are paid for in cash in the quarter theyoccurred.Assume operating expenses occur evenly throughout the year and are all paid in cash.For each quarter,70% of material purchases are paid for in cash in the quarter ofthe purchase and30% are paid in the following quarter. Purchases of materials fromQ4 2019 were$15,00,000

why didi u take Less: Beginning finished goods units800620620620