Question 2 The accounting department of the Ruthven Company provided the following data for May: sales $72000 marketing expense,5%; administrative expenses, 1%; other expenses, 5% of all purchases, $36,000; factory overhead, 2/3 of direct labor; direct labor $15,000 Beginning Inventories: Finished goods. $7,000 Work in Progress 8,000 Materials 8,000 Ending Inventories: Finished goods $10,200 Work in Progress 15,000 Materials 8,500 Required: Cost of goods sold statement