help! Please show work! ill give thumbs up!

Materials Management Chapter 1 Problems You must show all work in all problems. You will receive zero () credit for providing only the answer. 1. The cost of manufacturing (direct material and direct labor) is 70% of sales. Profit is 10% of sales. You should now be able to determine the remaining overhead (fixed costs). Determine the profit improvement if, through better planning and control, the cost of manufacturing was reduced from 70% of sales to 60% of sales. 2. On average, a firm has an 8-week lead time for work-in-process, and annual cost of goods sold is $10 million. Assuming that the firm operates 50 weeks per year. a What is the value of the work-in-process? b. If the lead time could be reduced to 6 weeks, what would be the reduction in WIP