Problem II Cost of Goods Manufactured and Sold (20 points) Selected account balances of Heedy Manufacturing Company appear below for 2008: Beginning of Year End of Year Finished Goods Inventory $25,000 $ 32,000 Work In Process Inventory 30,000 35,000 Raw Materials Inventory 46,000 26,000 Sales 360,000 Direct Labor 45,000 Factory Supervisory Salaries 18,000 Income Tax Expense 25,000 Factory Insurance 12,000 Raw Material Purchases 75,000 Administrative Expenses 17,000 Sales Returns and Allowances 15,000 Factory Depreciation 22,000 Indirect Labor 11,000 Selling Expenses 35,000 Instructions Using the above information for Heedy Manufacturing Company, answer the following questions. Support your answers with clearly identified computations. 1. What was the amount of direct materials used in production? 2. What were the total manufacturing costs incurred? 3. What was the cost of goods manufactured? 4. What was the cost of goods sold? 5. What was the amount of net income?