JP Manufacturing produces a single product out of it's facility in Kelowna, BC. The following information has been taken from the company's production, sales, and cost records for the just-completed year, December 31, 2020: Costs: Advertising $50,000 Direct labor $80,000 Indirect manufacturing labor $60,000 Raw materials purchased $160,000 Building rent (production uses 80% of the space; administrative and sales offices use the rest) $50,000 Utilities, manufacturing $35,000 Maintenance, manufacturing equipment $25,000 Selling and administrative salaries $140,000 Other factory overhead costs $11,000 Other selling and administrative expenses Beginning Of Year End Of Year Inventories: Raw materials $20,000 $10,000 Work in process $30,000 $40,000 Finished goods $45,000 $60,000 $20,000 12050M Inventories: Raw materials $20,000 $10,000 Work in process $30,000 $40,000 Finished goods $45,000 $60,000 The finished goods inventory is being carried at the average unit production cost for the year. During the year, the company sold a total of 30,000 units for $27 each. Required: 1. Prepare a schedule of cost of goods manufactured for the year. (13 marks) 2. Compute cost of goods sold. (2 marks) 3. Compute Gross margin. (2 marks)