Practice Problem 3: GHI Manufacturing has the following data for the month: Raw materials, May 1=$8,000 Raw materials, May 31=$7,000 WIP inventory, May 1=$4,000 WIP inventory, May 31=$3,000 FG inventory, May 1=$1,000 FG inventory, May 31=$5,000 Q1: What is the cost of direct materials used? Q2: What is the cost of goods manufactured? Q3: What is the cost of goods sold? Q4: What is operating income for the period