Question 1: (80 points) General Electrics provided the following information for 2020: Beginning inventory Raw material $56,000 Work in process 120,000 Finished goods 270,000 Ending inventory Raw material $40,000 Work in process 165,000 Finished goods 240,000 During the year, raw material purchased amounted to $110 000, direct labor cost was $330 000 and overheads costs was $439 000. GE's sales revenues totaled $1 550 000 and they had $85 000 selling and administrative expenses. GE's income tax rate is 20%. Required: A. Construct a schedule to calculate cost of goods manufactured. (60pts) B. Construct a statement to calculate cost of goods sold. (20pts) Question 2: (20 points) Briefly explain the cost management system objectives. Be sure to illustrate your answer using some examples. (Maximum 150 word)