The following cost data for the year ending 30 June 2020 relate to Excite Technologies Ltd. Sales Inventories at I Jul Raw materials Work in process Finished goods 2019 Inventories at 30 June 2020 Raw materials Work in process Finished goods Direct material used Purchases of raw materials Direct labour Actual manufacturing overhead Selling and administrative Total manufacturing costs Coit of goods manufactured Cost of goods available for sale Cost of goods sold Gross profit Net rofit Medical Equipment Division s $480,000 15,000 30,000 5,000 25,000 125,000 189,500 367,500 377,500 397,500 60,500 Aero Engines Division 140,000 200,000 320,000 380,000 460,000 1,341,000 2,630,000 2,721,000 579,000 159,000