Heading 4 Normal 1 No Spaci... Heading 1 Heading 2 Font Paragraph Selected account balances of Knight Manufacturing Company appear below for 2017: Styles Beginning of Year End of Year Finished Goods Inventory $32,000 $ 25,000 Work In Process Inventory 35,000 30,000 Raw Materials Inventory 26,000 46,000 Sales Revenue 360,000 Direct Labor 40,000 Factory Supervisory Salaries 18,000 Income Tax Expense 25,000 Factory Insurance 9,000 Raw Material Purchases 75,000 Administrative Expenses 17,000 Sales Returns and Allowances 15,000 Factory Depreciation 22,000 Indirect Labor 11,000 Selling Expenses 27,000 Instructions: Using the above information for Knight Manufacturing Company, answer the following questions. Support your answers with clearly identified computations. 1. What were the total overhead costs incurred? 2. What was the amount of direct materials used in production? 3. What was the cost of goods manufactured? 4. What was the cost of goods sold? 5. What was the amount of net income? English (US) P