Beginning raw materials inventory Plus: Purchases of direct materials For Current Year $ 21,000 75,000 96,000 25,000 $ 71,000 Materials available for use Less: Ending raw materials inventory Direct materials used Calculate the cost of goods manufactured. Clear Bay Company Calculation of Cost of Goods Manufactured For Current Year Plus: Manufacturing costs incurred Less: Cost of goods manufactured Points: 0.87 of 3 Compute the Cost of Goods Manufactured and Cost of Goods Sold for Clear Bay Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials (Cack the icon to view the data) Calculation of Direct Materials Used For Current Year Beginning raw materials inventory Plus Purchases of direct materials Materials available for use Less: Ending raw materials inventory Direct materials used Calculate the cost of goods manufactured. Clear Bay Company Calculation of Cost of Goods Manufactured For Current Year Plus Manufacturing costs incurred Less Cost of goods manufactured i 5 21,000 75.000 96.000 25.000 $ 71,000 Data table Beginning End of of Year Year End of Year Raw materials inventory $ 21,000 $ 25,000 Insurance on plant 9.000 Work in process inventory $ 38,000 $ 29,000 Depreciation-plant building and equipment $ 12,500 Finished goods inventory $ 19,000 $ 26,000 Repairs and maintenance-plant $ 3,900 Purchases of direct materials $ 75,000 Marketing expenses $ 80,000 Direct labor $ 80,000 General and administrative expenses $ 22,500 Indirect labor $ 44,000 Print Done