2. Using the following information, compute Cost of Goods Manufactured and Cost of Goods Sold. Assume Raw Materials Inventory contains only direct materials. Raw Materials Inventory Work-in-process Inventory Finished Goods Inventory Purchases of direct materials Direct labor Beg Balance End Balance $27,000 $31,000 $43,000 $28,000 $16,000 $29,000 $79,000 $83,000 Indirect Labor $46,000 Insurance on plant Depreciation on plant and equip Marketing expenses $8,000 $12,700 Repairs and maintenance on plant $4,100 $76,000 General and administrative expenses $27,500