Apex Electronics operates with three types of inventory: raw materials, works in progress, and finished goods. You will manage inventory transactions over one quarter (3 months). The following data is provided: * Beginning Inventory: * Raw Materials: 5000 units at $10 each * Works in Progress: $40,000 * Finished Goods: $75,000 * Purchases during the quarter: * Raw Materials: 10,000 units at $12 each * Ending Inventory: * Raw Materials: 5000 units at $12 each and 1000 units at $10 each * Works in Progress: $50,000 * Finished Goods: $120,000 * Direct Labor and Factory Overhead: * Direct Labor for the quarter was $30,000 * Factory Overhead for the quarter consisted of indirect materials of $1500, indirect labor of $6500, factory rent of $10,000, and utilities of $4000. * Sales during the quarter: * Units Sold: 10,000 finished goods at $35 each Preform the Required Calculations and Prepare a Schedule of Cost of Goods Manufactured Calculate the Cost of Goods Sold (Beg. Finished Goods Inventory + COGM – Ending Finished Goods Inventory) What is the Gross Profit? (Hint: Revenues minus Cost of Goods Sold). Which financial statement would we find this number?