Question 1: The information below relates to Guzzardi Manufacturing Company. (Assume that all raw materials are direct materials.) Purchases of raw materials ..... Direct labor cost... Selling costs (total) ........ Administrative costs (total) Manufacturing overhead costs (total) .... Raw materials inventory, beginning ....... Work in process inventory, beginning... Finished goods inventory, beginning Raw materials inventory, ending......... Work in process inventory, ending.......... Finished goods inventory, ending............. $362.000 $207.000 $61,000 $84,000 $775.000 $37,000 $19.000 $62,000 $44,000 $3,000 $77,000 Required: What is Guzzardi's cost of goods sold? Ans