Billy Bob's Manufacturing had the following data for the fiscal year ended December 31. Direct Materials Inventory, January 1 Direct materials purchases Direct materials used Fixed factory overhead $ 31,200 364,000 358,800 499,200 582,400 1,126,880 Total factory overhead Total manufacturing costs to account for Work-in-Process Inventory, January 1 Work-in-Process Inventory, December 31 Finished Goods Inventory, January 1 Goods available for sale Cost of goods sold Required: Calculate the following costs: 1. Direct Materials Inventory on December 31. 2. Direct labor costs for the year. 3. Variable factory overhead costs for the year. 4. Cost of goods manufactured for the year. 5. Finished Goods Inventory on December 31. 1. Direct Materials Inventory on December 31. 2. Direct labor costs for the year. 3. Variable factory overhead costs for the year. 4. Cost of goods manufactured for the year. 5. Finished Goods Inventory on December 31. 43,680 46,800 36,000 1,116,080 1,079,080