Q3. (25 marks) Coquitlam Ltd. has the below inventory balances and other information at the end of Dec 2020. www Balances Beginning Ending Direct Material Working in Process Inventory Finished Goods Inventory $ 10,800.00 $ 2,000.00 $ 1,200.00 $ 9,000.00 $ 3,500.00 $ 3,800.00 Other information Purchase of Direct Material Factory Supervisor Salaries Sales Salaries and Commissions Delivery Cost Sales Revenue Factory Utility Costs Factory Rent Direct Labor Factory management team Salaries Supplies for operating the manufacturing process CEO Salary $ 40,000.00 $ 5,750.00 $ 7,250.00 $ 1,400.00 $ 115,000.00 $ 1,200.00 $ 17,750.00 $ 21,000.00 $ 20,000.00 S 1,000.00 $ 45,000.00 Requirement 1. Calculate Cost of Goods Manufactured 2. Calculate Cost of Goods Sold 3. Why do we calculate COGS