Redding Corp. had the following inventory amounts: 9/30/2020 12/31/2020 Raw materials ??? 26492 WIP 45299 45052 Finished goods 26005 24272 During Q4 2020, the company purchased $81796 of raw materials and transferred $86843 of materials to work in process. Redding uses full absorption costing. How much raw materials did Redding have at 9/30/2020? Answer: During Q4 2020, Redding incurred the following costs: direct labor $29426, variable manufacturing overhead $16731, variable non-manufacturing overhead $12073, fixed manufacturing overhead $10488, and fixed non-manufacturing overhead $14154. How much is the cost of goods sold for Q4 2020? Answer: Notwithstanding the answer you got to the last question, assume the COGS was actually $134981. Redding earned revenue of $225957 in Q4 2020. What was Redding's profit margin in Q4? Answer: Using the numbers provided in the immediately prior question, calculate the gross margin percentage. Round to the tenth of a percent and write as the amount of percent. For example, if you calculate 22.47%, you should write 22.5 as the