Best Shoe Company makes loafers. During the most recent year, Best incurred total manufacturing costs of $25,000,000. Of this amount, $2,600,000 was direct materials used and $17,800,000 was direct labor. Beginning balances for the year were Direct Materials, $900,000; Work-in-Process Inventory, $1,000,000; and Finished Goods Inventory, $500,000. At the end of the year, balances were Direct Materials, $500,000; Work-in-Process Inventory, $1,900,000; and Finished Goods Inventory, $1,500,000. 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 2600000 Beginning Direct Materials (900000) 500000 Ending Direct Materials Purchases 2200000 Requirement 2. Analyze the inventory accounts to determine the cost of goods manufactured for the year. Work-in-Process Beginning Work-in-Process Inventory Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For III Ending Work-in-Process Inventory Cost of Goods Manufactured Requirement 3. Analyze the inventory accounts to determine the cost of goods sold for the year. Finished Goods Beginning Finished Goods Inventory Cost of Goods Manufactured Cost of Goods Available for Sale Endina Finished Goods Inventory X i 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