The Gaga Company began operations on January 1, 2022. During the year ended December 31, 2022, The Gaga Company started and completed 10,000 units of its only product and sold 8,000 of those units. Each unit of product requires two direct labor hours to manufacture the product. Management at Gaga has determined that manufacturing overhead should be allocated based on direct labor hours. Gaga incurred the following costs and expenses during the year ended December 31 , 2022: What was The Gaga Company's cost of goods sold for the year ended December 31, 2021; and what was The Gaga Company's finished goods inventory balance as of December 31, 2022? $1.520,000; and $380,000 $1,900,000 and $0 $1,720,000 and $430,000 $1.200,000 : and $300,000 Which of the following items would be reported in the income statement as an operating expense (i.e. a selling, general or administrative expense)? research and development costs the wages paid to manufacturing supervisors the cost of indirect materials used in manufacturing depreciation expense for manufacturing equipment