1. The total manufacturing costs added to production during the period is $110,000. The materials inventory increased from the beginning to the end of the period by $12,000, while the work in process inventory decreased from the beginning to the end of the period by $5,000. What is the cost of goods manufactured?
2. The cost of goods manufactured is $245,000. The finished goods inventory increased from the beginning to the end of the period by $8,000, while the work in process inventory increased from the beginning to the end of the period by $3,000. What is the cost of goods sold?