Selling and administrative salaries Purchases of raw materials Direct labor. Advertising expense Manufacturing overhead Sales Commissions $110,000 $290,000 $93,000 $80,000 $270,000 $50,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of End of the Year the Year $40,000 $10,000 $35,000 $80,000 $42,000 $50,000 The total manufacturing costs for the year were $683,000; the goods available for sale totaled $740,000; and the cost of goods sold totaled $660,000. End FG-740,000-660,000= 80,000 Beg Wip 2. If Sales were $1,000,000, please calculate Gross Margin, Net Operating income, and the implied percentage for sales commissions (Show the traditional income statement format to provide this information 3. Assume that the dollar amounts given above are for the equivalent of 40,000 units produced/sold during the year. Compute the sales price per unit, the average cost per unit for direct materials used, direct labor, and the average cost per unit for manufacturing overhead 4. Assume that in the following year the company expects to produce 50,000 units and The total manufacturing costs for the year were $683,000; the goods available for sale totaled $740,000; and the cost of goods sold totaled $660,000. Required: 1. Utilizing the inventory cost flow or equations, please find direct materials and cost of goods manufactured as well as the question marks that are in the above information. 2. If Sales were $1,000,000, please calculate Gross Margin, Net Operating Income, and the implied percentage for sales commissions. (Show the traditional income statement format to provide this information.) 3. Assume that the dollar amounts given above are for the equivalent of 40,000 units produced/sold during the year. Compute the sales price per unit, the average cost per unit for direct materials used, direct labor, and the average cost per unit for manufacturing overhead. 4. Assume that in the following year the company expects to produce 50,000 units and manufacturing overhead is fixed. What average cost per unit and total cost would you expect to be incurred for direct materials? For direct labor? For manufacturing overhead? (Assume that direct materials and direct labor are variable costs.) 5. Prepare a traditional income statement AND a contribution margin income statement implementing all of the information that you have figured out to this point utilizing 50,000 units produced and sold