VIII. The accounting records of Dr. Ihejirikas Manufacturing Company include the following information: Dec. 31 Jan. 1 Work in process inventory $ 20,000 $ 50,000 Finished goods inventory 120,000 140,000 Direct materials used 350,000 Direct labor 180,000 Selling expenses 125,000 Manufacturing overhead is applied at a rate of 150% of direct labor cost. Instructions Answer the following questions: 1. What is the total of the debits to Work in Process Inventory during the year? 2. What is the amount transferred to Finished Goods Inventory during the year? 3. What is the cost of goods sold?