QUESTION 2- (15 points) The following data are from ABC Inc. accounting records at December 31, 2018: Sales (22,000 units) Raw materials inventory, beginning Raw materials inventory, ending Purchases of raw materials Direct labour Prime costs (total) Conversion costs (total) Commissions Work-in-process inventory, beginning Work-in-process inventory, ending Depreciation-equipment Finished goods inventory, beginning (6,000 units) Finished goods inventory, ending (4,000 units) Rent-factory Property taxes: factory Administration General office salaries $1,320,000 76.000 To be determined 232,000 To be determined 512,000 540.000 10% of sales 88.000 130,000 170,000 180,000 To be determined 30,000 50.000 80,000 242,000 1.Prepare the schedule of COGM for year 2018. Show production in units and cost of goods manufactured per unit. 2.Calculate Gross margin for year 2018. Assume ABC Inc. uses FIFO