Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $49,000 Direct labor 60,000 Factory overhead 29,000 Work in process inventory, May 1 38,000 Work in process inventory, May 31 47,520 Finished goods inventory, May 1 29,000 Finished goods inventory, May 31 19,000