As of February 1, 2020, Custom Cabinets had the following balances in its inventory accounts: Materials Inventory $28,400 Work in Process Inventory $36,700 Finished Goods Inventory $14,000 4 The following events took place for during February, 2020 Purchased $120,000 of materials Used $125,700 of direct materials in production. Incurred $194,400 of direct labor wages Applied $105,200 of factory overhead. Transferred $391,600 of work in process to finished goods. Sold goods with a cost of $240,500. Sold goods for $475,800 Incurred $125,100 of selling expenses. Incurred $78,000 of administrative expenses. Using the information given, calculate the following: (journal entries are NOT required, simply calculate the following) - Incurred $78,000 of administrative expenses. Using the information given, calculate the following: (journal entries are NOT required, simply calculate the following) YOU MUST SHOW YOUR WORK AND CLEARLY LABEL YOUR ANSWERS 1. Ending Materials Inventory 2. Ending Work in Process Inventory 3. Ending Finished Goods Inventory 4. Gross Profit 5. Net Income