Problem 1 Solve the given problem based on the following information. Jordan Company's inventory records indicate the following information: Jordan Coman Inventories as of Ma 31 Inventory Beginning Inventory [$} Ending Inventory {$} Raw materials ?2,000 110,000 Goods in process 150,000 250,000 Finished uoods 100,000 100,000 Production activities for Ma in $ Raw materials {credit purchases) 200000 Company payroll cost (cash) 400.000 Miscellaneous overhead cost {other accounts credited) 1?0.500 Materia Direct 120.000 Indirect 42,000 Labor Direct 350.000 Indirect 50,000 Overhead rate as a percent of direct labor ?5% Sales on credit 1,000,000 of Compute the cost of goods transferred from production to finished goods, and compute the cost of goods sold