Beginning of Year Raw materials inventory ..$ 21,000 $ Work in process inventory ......$ 35,000 $ Finished goods inventory........$ 17,000 $ Purchases of direct materials ... $ Direct labor .............. $ Indirect labor .............. $ End of End of Year Year 34,000 Insurance on plant. ...... $ 7,500 32,000 Depreciation-plant building and equipment ....$ 12,700 20,000 Repairs and maintenance-plant..............$ 3,600 75,000 Marketing expenses .....................$ 81,000 83,000 General and administrative expenses.........$ 28,500 37,000 Print Done Compute the cost of Goods Manufactured and Cost of Goods Sold for Quality Acquatic Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials. Click the icon to view the data.) Start the calculation for cost of goods manufactured by calculating the direct materials used. Quality Acquatic Company Calculation of Direct Materials Used For Current Year Beginning raw materials inventory Plus: Purchases of direct materials Less: Direct materials used Calculate the cost of goods manufactured. Quality Acquatic Company Calculation of Cost of Goods Manufactured For Current Year Plus: Manufacturing costs incurred Less: Cost of goods manufactured Now calculate the cost of goods sold. Quality Acquatic Company Calculation of Cost of Goods Sold For Current Year Plus: Less: Cost of goods sold