Wedge Company paid $8,000 for materials (all of which was used in production during the year), $7,000 to manufacturing workers, $4,000 to office workers, $5,000 for the factory utilities, and $1,000 for office utilities. During the year, the company manufactured 1,000 parts and sold 750 of them. There were no units in beginning inventory at the start of the period.

1. What was Wedges cost of goods sold for the year? [ Select ] ["$25,000", "$20,000", "$18,750", "$15,000"]

2. What was the value of Wedges inventory at the end of the year?