General Electric:

Cost Elements	Amount ($)
Direct Materials	420,000
Direct Labor	250,000
Factory Overheads	200,000
Selling and Distribution Expenses	150,000
Administrative Expenses	120,000
Units Produced and Sold	24,000 units
Sales Revenue	1,200,000

Requirements:

1. Prepare a cost of goods manufactured statement.
2. Calculate the cost of goods sold.
3. Compute the gross profit.
4. Determine the net profit.