ExxonMobil's refinery division provided the following data for March 2023:

Item	Amount (in $)
Opening Inventory (Raw Materials)	130,000
Purchases	750,000
Closing Inventory (Raw Materials)	100,000
Direct Labor	550,000
Manufacturing Overhead	350,000
Opening Inventory (Finished Goods)	200,000
Closing Inventory (Finished Goods)	160,000
Sales	5,000,000
Selling and Administrative Exp.	700,000

Requirements:

1. Calculate the Direct Materials Used.
2. Determine the Total Manufacturing Costs.
3. Compute the Cost of Goods Manufactured.
4. Calculate the Cost of Goods Sold.
5. Prepare the Gross Profit Statement for March 2023.