IV. Manufacturing (19 points) 1. Recreate all the journal entries that explain why "Inventories, net" increased from $143.8 to $146.3 during 2020. Assume that all obsolescence relates to finished goods, that obsolete goods are disposed of with no proceeds, that obsolescence expense of $14.0 was recorded during 2020, that inputs into WIP Inventory are 50% materials, 25% labor (paid in cash) and 25% overhead (all depreciation) and that all raw materials are purchased on credit. (15 points) 2. Estimate how much time elapses on average between when WWE buys raw materials and when it sells or disposes of finished goods. (4 points)