Production Process and Flow Costs Worksheet Problem 1 - Solve the given problem based on the following information. Jordan Company's inventory records indicate the following information Jordan Company Inventories (as of May 31) Inventory - Raw Materials, Beginning Inventory ($) 72,000, Ending Inventory ($) 110,000 Inventory - Goods in process, Beginning Inventory ($) 156,000, Ending Inventory ($) 250,000 Inventory - Finished goods, Beginning Inventory ($) 160,000, Ending Inventory ($) 198,000 Production activities for May (in $) Raw materials (credit purchases) 200,000 Company payroll cost (cash) 400,000 Miscellaneous overhead cost (other accounts credited) 170,500 Materials - Direct 120,000 Materials -Indirect 42,000 Labor - Direct 350,000 Labor - Indirect 50,000 Overhead rate as a percent of direct labor 75% Sales on credit 1,000,000 Compute the cost of goods transferred from production to finished goods, and compute the cost of goods sold