7.14 10 Billy Bob's Manufacturing had the following data for the fiscal year ended December 31. Direct Materials Inventory, January 1 Direct materials purchases Direct materials used Fixed factory overhead points Total factory overhead Total manufacturing costs Work-in-Process Inventory, January 1 Work-in-Process Inventory, December 31 Finished Goods Inventory, January 1 Goods available for sale Cost of goods sold Required: Calculate the following costs: $ 30,000 350,000 345,000 480,000 560,000 1,085,000 42,000 45,000 36,000 1,076,000 1,043,000 Answer is complete but not entirely correct. 1. Direct Materials Inventory on December 31. $ 35,000 2. Direct labor costs for the year. $ 180,000 3. Variable factory overhead costs for the year. $ 80,000 4.1 Cost of goods manufactured for the year. $ 1,082,000 5. Finished Goods Inventory on December 31. $ 33,000