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 $ 34,200 399,000 393,300 547,200 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. Answer is not complete. 638,400 1,231,580 47,880 51,300 36,000 1,216,280 1,169,280 1. Direct Materials Inventory on December 31. $ 39,900 2. Direct labor costs for the year. Variable factory overhead costs for the 3. $ 91,200 year. 45 4. Cost of goods manufactured for the year. 5. Finished Goods Inventory on December 31. $ 47,000