Intel Corporation:

Cost Elements	Amount ($)
Direct Materials	700,000
Direct Labor	500,000
Factory Overheads	460,000
Selling and Distribution Expenses	280,000
Administrative Expenses	240,000
Units Produced and Sold	54,000 units
Sales Revenue	2,700,000

Requirements:

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

Determine the net profit.