Sales Revenue $??? Finished Goods Inventory, beginning 11,000 Finished Goods Inventory, ending 3,000 Cost of Goods Sold ??? Gross Profit 12,000 Direct Material Used 10,000 Selling and Administrative Expenses ??? Net Income 5,000 Work-in-Process Inventory, beginning 4,000 Work-in-Process Inventory, ending 292 Direct Labor 222 Manufacturing Overhead 5,000 22.000 Total Manufacturing Cost Cost of Goods Manufactured 20,000 The Sales Revenue amount is: $46,000 $40,000 $16,000 None of the above The Cost of Goods Sold amount is: * $34,000 O $28,000 O $17,000 O None of the above The Selling and Administrative Expenses amount is: * O $17,000 $10,000 $7,000 None of the above The Work-in-process ending balance amount is: $22,000 $26,000 $38,000 O None of the above The Direct Labor amount is: * O $5,000 O $7,000 $37,000 None of the above Which of the following formulas determine cost of goods sold in a manufacturing entity?* Cost of goods manufactured - Beginning finished goods inventory - Ending finished goods inventory = Cost of goods sold Cost of goods manufactured + Beginning finished goods inventory - Ending finished goods inventory - Cost of goods sold Beginning work-in-process inventory + Cost of goods manufactured - Ending work-in- process inventory = Cost of goods sold Beginning work-in-process inventory + Cost of goods manufactured + Ending work-in- process inventory = Cost of goods sold