need help woth part E ASAP thank you

James, the manager at Teal's Danishes, was excited to determine the company's profit this year. It was a break-out year for the company, especially after being selected to cater the World College Club Sports Athletes' Annual Meeting. The company was thrilled! The number and variety of danishes produced for that event alone doubled the company's sales for the year. James knew the total sales amount but had yet to determine the total COGS. He hoped that it would be low relative to sales. Here are the transactions and amounts James found when gathering information for his COGS calculation. Your answer is correct. (a) Fill in the third column of the above chart by identifying whether each cost item should be initially recorded as an asset or as an expense. (b) Fill in the fourth column of the chart by recognizing, if each item is considered to be inventoriable (product) cost or not. Question 3 of 3 Depreciation on baking equipment and Delivery expense Asset Yes Wages (baking employees) Research and development Utilities for bakery space Investment in mutual fund Cash proceeds from loan \begin{tabular}{l} \hline Expense \\ \hline Asset \\ \hline Expense \\ \hline \end{tabular} No V Your answer is correct. Beginning and ending balances for several accounts for Teal's Danishes are as follows. Prepare a schedule of COGM and COGS in good form. Utilize relevant information as needed. Question 3 of 3 Beginning Direct Materials Inventory $48000 Less v: Ending Direct Materials inventory v 385000 Manulacturing Overhead \begin{tabular}{l} \hline Depreciation \\ \hline Utilities \\ \hline Wapes \end{tabular} Question 3 of 3 Given the costs you just calculated and recognizing that the company typically sets its selling prices at 140% of its product costs. what level of sales would James have expected? What gross margin percentage would this generate? (Round gross margin percentage to 1 decimal ploce, eg. 15.2\%) Expected sales revenue Grossmargin percentage % As it turns out, total sales for the year were $1,122,000. What is the amount of this year's gross margin percentage? (Round gross margin percentage to 1 decimal place, es. 15.2\%.) Gross margin percentage % Would James be excited about this year's gross margin percentage? What trend in sales might the company expect next year as a result of this year's catering contract? insales