The following data is provided for the Piedmont Corporation. All costs are actual costs. Complete the cost flows diagram attached to this problem and calculate CGM and CGS. Prepare journal entries and post them to the ledger. 1-Jan-20 31-Dec-20 as of $65,000 RM inventory $83,000 $72,000 WIP Inventory $102,000 FG inventory 31-Dec-19 31-Dec-20 year ending RM purchases $119,300 $132,600 RM used $118,400 $133,200 DL incurred $107,500 $104,300 Plant insurance expense incurred $7,200 $7,400 Depreciation $22,400 $23,100 Other manufacturing OH $109,300 $111,800 CGM $298,600 $295,500 3 Revenues $605,000 $603,000 Gross margin 44.5% 46.8% 0 23 (1) Calculate gross profit for the year ending Dec 31, 2020 (2 points) 24 25 26 27 28 29 30 (2) Calculate CGS for the year ending Dec 31, 2020 12 points) 31 32 33 34 35 36 37 38 FG (3) Calculate FG inventory as of Dec 31, 2019 12 points) 39 40 41 42 13 44 45 46 42 F 18 14) Calculate DL incurred for year ending Dec 31, 2020 (2 points) RM Inv as of Dec 31, 2020 (5) Calculate RM Inventory as of Dec 31, 2020 (2 points) (6) Provide the two journal entries for DL expense. (4 points) WIP Expense DL Expensele DL Expense Wages Payable (7) Provide the two journal entries for depreciation expense. (4 points) Depreciation Expense Accumulated Depreciation WIP Inventory Depreciation Expense