1. The following data was taken from the general at July perations edger and other records of Martinez Manufacturing Co. Sales in the current fiscal year: Materials inventory July 1) $50,000 Work in process inventory (July 1) Finished goods inventory July 1) Materials purchased Direct labor cost 15,000 20,000 28,000 21,000 Factory overhead (including S5,000 of indirect materials used and $2.500 of indirect labor cost) 12,500 11,500 Selling and administrative expense Inventories at July 31: Materials 8,000 16,000 18,000 30,000 Work in process Finished goods Prepare a statement of cost of goods manufactured. a. Record the following entries Materials purchased on account Materials issued into the factory Cost of goods finished and transferred out of the factory Sales and cost of inventory sold b