Please determine:

1) cost of materials sold

2) cost of goods manufactured (COGM)

3) cost of goods sold (COGS)

ExerCiSe Beginning inventory of materials Purchases of materials Ending inventory of materials $500 $2,000 $400 $300 Beginning inventory of work in process Cost of materials used Payment to direct labor Manufacturing overhead Ending inventory of work in process $700 $200 $800 $1000 Beginning inventory of finished goods Cost of goods manufactured (COGM) Ending inventory of finished goods Determine 1) cost of materials used $1,300 2) cost of goods manufactured (COGM) 3) cost of goods sold (COGS)