b. Manufacturing Cost, COGS, Gross Margin, Operating Income (20 marks) The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the year just ended. Sales $990 Direct Materials Used $ 90 Direct labour $200 Manufacturing overhead $230 Administrative expenses $150 Selling expenses $140 Work-in-process inventory, beginning $ 70 Work-in-process inventory, ending $ 50 Finished goods inventory, beginning $120 Finished goods inventory, ending $160 Required: a) Compute the Cost of Goods Manufactured (5 marks) b) Compute Cost of Goods Sold (5 marks) c) What is the Gross Margin for the Year