E1-8 Statement of cost of goods manufactured; cost of goods sold The following data are taken from the general ledger and other records of Phoenix Products Co. on October 31, the end of the first month of operations in the current fiscal year: Work in process inventory (October 1) 20,000 Factory overhead (including $1,000 of indirect materials used and $4,000 16,000 15,000 Inventories at October 31 Materials 25,000 Finished goods