Problem 1 (16 points) Required: Determine the missing amounts in each of the two following independent and totally unrelated cases and fill in the blanks in the schedules below. Company A Company Z Sales Revenue $240,000 Raw materials inventory, beginning $7,500 Raw materials inventory, ending $180,000 $15,000 Raw material purchases $200,000 Direct (or raw) materials used $140,000 Direct labor $62,500 Manufacturing overhead $500,000 $80,000 Total manufacturing costs $1,040,000 $170,000 WIP inventory, beginning $70,000 WIP inventory, ending $2,500 Cost of goods manufactured $1,050,000 $175,000 Finished goods inventory, beginning $100,000 Cost of goods available for sale $185,000 Finished goods inventory, ending $12,500 Cost of goods sold $1,090,000 Gross margin $510,000 Selling and administration expenses Income before taxes $300,000 $45,000 Income tax expense $80,000 Net income $27,500