A company compiled the following information for the current year. (Assume that all raw materials used were direct materials.) $ 30000 Raw materials inventory, January 1 Raw materials inventory, December 31 60000 27000 Work in process, January 1 Work in process, December 31 18000 Finished goods, January 1 60000 Finished goods, December 31 48000 Raw materials purchases 1600000 Direct labor 890000 Factory utilities 225000 Indirect labor 75000 Factory depreciation 500000 Operating expenses 630000 What is the cost of direct materials used during the period? O $1600000. O $ 1570000. O $ 1630000. O $ 1540000