Chapter 1 1. Chen Corp, had finished goods inventory of $60,000 and $70,000 at May 1 and May 31 respectively, and cost of goods manufactured of $175,000. Cost of goods sold in May was a. $165,000 b. $175,000 c. $185,000 d. $225,000 Answer: (3 points) (Show Work) 2 Fabricators are presented below: Selected data concerning the past fiscal year's operations (000's omitted) of Kraig Beginning $180 Materials Work in process Finished goods Other data Ending $ 170 130 180 200 Direct materials used Total manufacturing costs charged to production during $ 730 the year (includes direct materials, direct labor, and factory overhead) 1,360 1,530 Cost of goods available for sale Selling and general expenses The cost of goods manufactured during the year was a. $1,410 b. $1,330. c. $1,420, d. $1,470. Answer (3 points) (Show Work)