7. Presented below is selected information from the Ted Company's current period accounting records (in $000s): Sales $12,000 Raw Materials Used 2,500 Direct Labor Costs 1,000 Period Costs (Selling and Administrative) 2,500 Beginning Raw Material Inventory 300 Ending Raw Material Inventory 1,000 Net Income 300 Beginning Work-in-Process Inventory o Ending Work-in-Process Inventory 300 Beginning Finished Goods Inventory 700 Ending Finished Goods Inventory 400 NOTE: All raw materials used were direct materials. Required: Determine the following (in dollars): a. Raw Material Purchases Gross Profit Cost of Goods Manufactured d. Manufacturing Overhead