Financial MANAGEMENT Assignment #1 Please Not the following: . You need to submit the assignment with the file name your first name_Student No_Assignment_1. - Ensure that the file is in any format. It is your responsibility to check the Submission History and confirm that the assignment has been successfully submitted You have only one assignment submission attempt, if you make a mistake when submitting the assignment, please email the assignment to the course coordinator and upload it again. . That late assignments may be submitted and that all assignments automatically have a time date stamp of when they are submitted. To upload the assignment using the Browse My Computer button Question #1 (10 marks) Use the appropriate items from the following list to prepare an Account Format balance sheet for the XYZ Company at December 31, 2019. Value are in thousands (5000). Accounts payable S 220 Inventories $ 375 Accounts receivable 450 Land Accruals 55 Long-term debts 420 Accumulated depreciation 265 Machinery 420 Buildings 225 Marketable securities 75 Cash 215 Notes payable 475 Common stock (at par) 90 Paid-in capital in excess of par 360 Cost of goods sold 2,500 Depreciation expense 45 Preferred stock 100 Equipment Retained earnings 210 Furniture and fixtures Sales revenue 3,600 General expense 320 Vehicles (25 ( 100 140 170 ) The following items related to AAA manufacturing company at the end of the year 2020. Beginning direct raw material 10000 JD Ending direct raw material 12000 JD Direct raw material cost 45000 JD Direct Labor Costs 35000 JD Manufacturing overhead costs 10% of Direct raw material cost: 20% Direct Labor Costs, plus 2000 JD Beginning work in process 15000 JD Ending work in process 11000 JD Beginning finished goods 11000D Ending finished goods 15000 JD So, how much were - Prime costs. - Conversion Costs. - Total manufacturing costs. - Cost of goods available for sale. - Cost of goods sold. Then, if the net sales was 55000 JD, find the gross profit or loss during the period