Case I Case II Case III Beginning inventory of finished goods ? $ 12,000 $ 7,000 $419,000 95.000 Cost of goods manufactured during period 2 Ending inventory of finished goods 98,000 8,000 21,000 Cost of goods sold 405,000 ? 304,000 EXERCISE 2-25 An employee of Olentangy Foundry, Inc. worked a normal 40-hour shift, but four hours were idle due to a small fire in the plant. The employee earns $18 per hour. Required: 1. Calculate the employee's total compensation for the week. 2. How much of this compensation is a direct-labor cost? How much is overhead? EXERCISE 2-29