SolarInnovations Ltd. has the following data:
•Direct materials: $35,000
•Direct labor: $25,000
•Factory overhead: $20,000
•Work in Progress (Beginning): $7,000
•Work in Progress (Ending): $9,000
•Finished Goods (Beginning): $8,000
•Finished Goods (Ending): $11,000
Requirement: Prepare a cost of goods manufactured statement and a cost of goods sold statement for SolarInnovations Ltd. Calculate the ending inventory value of finished goods.