Best Shoe Company makes loafers. During the most recent year, Best incurred total manufacturing costs of $20,400,000. Of this amount, $2,600,000 was direct materials used and $13,800,000 was direct labor. Beginning balances for the year were Direct Materials, $800,000; Work-in-Process Inventory, $1,100,000; and Finished Goods Inventory, $800,000. At the end of the year, balances were Direct Materials, $600,000; Work-in-Process Inventory, $1,800,000; and Finished Goods Inventory, $980,000. Read the requirements. Requirement 1. Analyze the inventory accounts to determine the cost of direct materials purchased during the year. Direct Materials Direct Materials Used Beginning Direct Materials Ending Direct Materials Purchases es Get more help Requirements Analyze the inventory accounts to determine: 1. Cost of direct materials purchased during the year. 2. Cost of goods manufactured for the year. 3. Cost of goods sold for the year. Print Done - Clear all Check answer Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: (Click the icon to view account balances.) (Click the icon to view other information.) Data table First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Direct Materials Used: Direct Materials Used Balances: Beginning Ending Direct Materials $ 29,000 $ 33,000 Work-in-Process Inventory 37,000 36,000 Finished Goods Inventory 19,000 27,000 Print Done Data table Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Other information: Cost of Goods Manufactured ges Get more help Purchases of direct materials $ 72,000 Direct labor 87,000 Manufacturing overhead 39,000 Print Done Clear all Check answer