Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $57,000 Direct labor 63,000 Factory overhead 37,000 Work in process inventory, May 1 50,000 Work in process inventory, May 31 49,680 Finished goods inventory, May 1 30,000 Finished goods inventory, May 31 19,000 a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 Company Statement of Cost of Goods Manufactured Total manufacturing costs incurred during May Total manufacturing costs Cost of goods manufactured b. For May, using the data given, prepare a statement of Cost of Goods Sold. Princeton 3 Company Statement of Cost of Goods Sold Cost of goods sold