Exercise 2 Assume that Company ABC has the following information for the month of March of the current year: Direct Material Work in Progress Finished Goods Inventory Inventory Inventory March 1 $16.000 $10.500 $19,000 March 31 $13,000 $7.000 $25,000 During the month of March, the company has purchased $35,000 in direct materials. Direct labor and manufacturing overhead accounted for $27.000 and $45,000 respectively. 1- Prepare a Schedule of Cost of Goods Sold