Let's try one "numbers" exercise to test our knowledge of the basic accounting terms. Given that sales-12,500 units during the year Cost of good sold $250,000 Beginning inventory of finished goods-$87,000 Cost of goods manufactured $241,000 Gross profit ratio-60% of sales Direct materials used $122,000 Direct labor cost- $74,000 Manufacturing overhead cost $40,000 Beginning Work-in-process- $55,000 Selling and general admin cost- $310,000 The company is subject to a 30% income tax rate. Based on the above information, answer the following questions. [Hint: Net sales Cost of Goods Sold Gross Profit; Gross profit ratio Gross Profit +Net Sales) What was the selling price per unit? 2. Based on your analysis of the cost of goods sold for the year, can you tell if management was able to reduce its investment in finished goods inventory over the year? Explain with computation[The Schedule of Cost of Goods Sold is mentioned in Chapter 2 of your textbook] 3. Based on your analysis of the firm's manufacturing costs during the year, can you tell if management was able to reduce its investment in work-in-process inventory over the year? Explain with computation. [The Schedule of Cost of Goods Manufactured is mentioned in Chapter 2 of your textbook] 4. The company wanted to maintain a net income margin of at least 7% on its sales during the year. Did manage ent succeed in doing that? Explain with co puta