Problem 1 (5 points) Assume that Grand River Corporation has the following information for the month of March of the current year: Direct Material Inventory Work in Progress Inventory Finished Goods Inventory March 1 $16,000 $10,500 $19,000 March 31 $13,000 $7,000 $25,000 During the month of March, the company has purchased $31,000 in direct materials. Direct labor and manufacturing overhead accounted for $24,000 and $42,000 respectively. Prepare a Schedule of Cost of Goods Sold (5 points)