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Golden Spike Enterprises, a manufacturing firm specializing in automotive components, is preparing its financial statements for the fiscal year ending December 31, 2023. As the lead accountant, you've been tasked with analyzing the company's inventory data to calculate key financial metrics. Below are the details pertaining to GoldenSpike's inventory for the year:

Beginning Inventory (as of January 1, 2023):

• Raw materials: $350,000
• Work in process: $280,000
• Finished goods: $450,000

Purchases and Production Costs (during the year):

• Raw materials purchased: $1,200,000
• Direct labor costs: $800,000
• Manufacturing overhead costs: $500,000

Ending Inventory (as of December 31, 2023):

• Raw materials: $400,000
• Work in process: $320,000
• Finished goods: $600,000

Sales and Cost of Goods Sold:

• Total sales revenue for the year: $3,500,000
• Cost of goods sold (COGS) for the year: $2,200,000

GoldenSpike Enterprises utilizes the weighted average method for inventory valuation. As the company's accountant, your task is to:

1. Calculate the cost of goods sold (COGS) for the fiscal year ending December 31, 2023.
2. Determine the gross profit for GoldenSpike Enterprises for the same period.
3. Compute the value of ending inventory on December 31, 2023, for raw materials, work in process, and finished goods separately.

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