Review the solution to the module problem. What problems has the firm apparently experienced during the year? What potential problems do you see for the upcoming year?

COGM Module Problem Due: January 20 no later than 11:55 p.m. ABC Firm produces a wide range of plastic products. Information for the firm's inventory accounts at the beginning and end of 2020 follows: Account Direct materials Work in process Finished goods Beg. Balance $121,500 458,900 845,300 End. Balance $139,700 998,400 239,500 Other information from 2020 for the firm includes: Sales salaries Purchases of direct materials Rent Direct labour Depreciation on corporate jet Depreciation on factory machines Sales Insurance on corporate jet Indirect labour Fire insurance on factory building Insurance on finished goods warehouse $156,300 192,400 84,300 243,500 44,700 91,500 1,548,200 34,800 54,300 12,500 18,400 1. Compute cost of goods manufactured. Please prepare a formal schedule of cost of good manufactured following the format in the text. 2. Compute cost of goods sold. ABC Firm Statement of Cost of Goods Manufactured For the Year Ended December 31, 2020 Beginning Work in Process inventory Direct Materials: Beginning Direct Materials Inventory $ 121,500 Purchases of Direct Materials $ 192,400 Cost of Materials available for use $ 313,900 Ending Direct Materials inventory S 139,700 Cost of Direct Materials used in Production $ 174.200 Direct Labour $ 243.500 Factory Overheast Depreciation on Factory Machines 91,500 Indirect Labour 54,300 Fire Insurance on Factory Building $ 12,500 insurance on Finished Goods Warehouse $ 18.400 Total Factory Overhead $ 176,700 Total Manufacturing Costs $ 594400 Add: Beginning Work in Process inventory 458.900 S 1,053,300 Less: Ending Work in Process inventory 993.400 Cost of Goods Manufactured $ 54.900 ABC Firm Statement of Cost of Goods Sold For the Year Ended December 11, 2020 Cost of Goods Sold Beginning Finished Goods Inventory Cost of Goods Manufactured Cost of Finished Goods available for sale Less: Ending Finished Goods inventory Cost of Goods Sold $ $ $ $ s 845,300 54,900 900,200 239.500 660,700