Cost of Goods Sold Ivano Company has collected cost accounting information for the following subset of items for Years 1 and 2.

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Year 1 Year 2 tem: Direct materials used in production Direct materiols: Beginning inventory Direct materials purchases Direct materials: Ending inventory Direct labor used in production Manufacturing overheod costs used in production Work in process: Beginning inventory Work in process: Ending inventory Finished goods: Beginning inventory Finished goods: Ending inventory Cost of goods sold $50,000 10,000 45,000 80,000 17,000 14,000 8,000 15,000 17,000 53,000 76,000 14,000 19,000 7,000 7,000 11,000 169,000