Problem 1: Loon Bay Fisheries is a processor in Notre Dame Bay specializing in the production and freezing of really big trout. The following information in taken from their October 31, 2020 year-end financial statements. Use this information to calculate the cost of goods manufactured and the cost of goods sold. Be sure to show all your workings. Office rent Sales commissions Increase in raw materials inventory Increase in work-in-process inventory 12,000 70,000 4,000 30.000 Software license fee-factory operations 5,000 Advertising expense 200,000 Depreciation, office equipment 16,000 Depreciation, factory equipment 80,000 Factory utilities 18,000 Decrease in finished goods inventory 90,000 Maintenance of factory equipment 48,000 Factory janitorial wages 112,600 Purchases of raw materials 264,000 8 Direct labor cost Factory rent Factory supplies 180,000 60,000 1,400 21