Problem \#1: GAAP Product Costs (32 points) The following information was extracted from the records of Cardi Cleaning Products, a manufacturer of mops and other cleaning supplies for the home and office. - On November 15, 2022, Cardi Cleaning Products ordered 500,000 square yards of spongy-foam material that it uses in its best-selling mop to be shipped under FOB Shipping Point terms. - On November 30, 2022, Cardi Cleaning Products received 500,000 square yards of the spongy-foam material from its supplier at a cost of $5.80 per square yard reduced by a 5.0% preferred customer discount. - The appropriate party recelved an invoice from the transportation company for $5,000 for the shipping charges on the delivery of the spongy-foam material. a. Calculate the total historic cost and the cost per square yard of the 500,000 square yards of the spongy-foam material purchased by Cardi Cleaning Products in November 2022 according to GAAP. - The factory began and completed a production run of its best-selling mop during the first week of December and reported costs and output for the week of: - The factory transferred the mops to the Company's warehouse an December 23, 2022. b. Calculate the following productions costs related to the 300,000 mops produced Cardi Cleaning Products during December 2022 according to GAAP. Total Direct Labor Cost incurred to produce mops in December 2022 ( 2 points) Supporting Calculation Required: Total Overhead Cost allocated to produce mops in December 2022 (2 points) Supporting Calculation Required: Total Historic Cost of mops produced in December 2022 (4 points) Supporting Calculation Required: Historic Cost per Unit of mops produced in December 2022 (2 points) c. During December 2022, Cardi Cleaning Products sold 85,000 mops at an average price of 527.65 per mop. In its incorne statement for the month ended December 31,2022 , Card Ceaning. Products Cardi Cleaning Products Monthly GAAP Income Statemen Sales Revenue Cost of Goods Sold Gross Profit d. In its balance sheet at December 31,2022 , Cardi Cleaning Products reported raw materials inventory of spongy-foam material and finished goods inventory of mops produced during December at a total historic cost of: Raw Materials Inventory of spongy-foam material at December 31 , 2022 (3 points)