3. The following information was taken from the accountin Direct materials purchased Direct materials used Direct manufacturing labor costs Indirect manufacturing labor costs Sales Salaries Expense Miscellaneous Factory Expenses Administrative Expenses Finished Goods Inventory, beginning $150,000 $112,000 $40,000 $20,000 $70,000 $10,000 $80,000 $20,000 AC Finished Goods Inventory, end Work-In-Process Inventory, beginning Work-In-Process Inventory, end $24,000 0 0 Required: a. What is Cost of Goods Manufactured? (2 pts) 320,000 b. What is Cost of Goods Sold? (2 pts) $298,000 c. What is Net Income? (2 pts) $138.000 + +1 -113- DIM