Sales Raw materials purchases Direct labor costs Manufacturing overhead Selling expense $300,000 $ 53,000 $87,000 $ 55,000 $ 20,000 Administrative expense $ 35,000 Inventories: Beginning Ending Raw materials $28,000 $29,000 Work in process $16,000 $14,000 Finished goods $42,000 $54,000 Manufacturing overhead incurred $51,000 Required: Compute the answers for the 5 questions below and record your answers in the proper space. 1. The cost of goods manufactured 2. The cost of goods sold in the Income Statement 3. The gross profit in the Income Statement 4. The cost of goods sold in the finished goods inventory 5. The Net Income in the Income Statement