2. Information from the records of Kerley & Co. for the year ended 30 June 2018 is given below. Factory overhead , 100% of direct labour cost $120,000 Direct labour 109,091 Raw materials inventory, 1 July 2017 18,000 Cost of goods manufactured 520,800 Raw materials inventory, 30 June 2018 15,500 Work in process inventory, 30 June 2018 50,500 Raw materials purchased during the year 210,000 Required Prepare the Cost of Goods manufactured Statement and calculate the cost of work in process inventory on 1 July 2017