When answering this question in the excel spreadsheet provided, you must enter the formula that is required to solve for the "?" in the appropriate cell. Marks will not be given unless the formula appears in the cell. Beginning inventory, raw material Ending inventory, raw material Purchase of raw material Direct material used Direct labour Manufacturing overhead Total manufacturing costs Beginning inventory, work in process Ending inventory, work in process Cost of goods manufactured Beginning inventory, finished goods Cost of goods available for sale Ending inventory, finished goods Cost of Goods sold Sales Gross margin Selling and administrative expenses Income before taxes Income tax expense Net Income ? 90,000 100,000 70.000 ? 250,000 520,000 35,000 ? 525,000 50.000 2 2 545,000 ? 255,000 2 150,000 40,000 2