PROBLEM 2 (20 points) Aver Queen Corporation began operations carly in the current year, building luxury boats. During uit year, the company started and completed 40 honts at cost of $80.000 per unit. Of these, were sold for $130.000 each and 10 remain in finished goods inventory. In addition, the company had five partially completed units in its factory at year-end. Total costs for the year (summarized alphabetically) were as follows. Direct materials used ........... Direct labor ........... Income tax expense...... General and administrative expenses ..... Manufacturing overhead .. Selling expenses ....... $ 800,000 1,000,000 80,000 600,000 2,000,000 400,000 Instructions Compute the following for the current year. a. Total manufacturing costs charged to work in process during the period. b. Cost of finished goods manufactured. . Cost of goods sold. d. Gross profit on sales. e. Ending inventories of (1) work in process and (2) finished goods