BUS the year totaled $124,000, while manufacturing overhead amounted to $158,000. The Work in Process Inventory account had a ending balance of $19,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Ma first step is to calculate the direct materials used during the year.) LUSS. Direct materials used Compute the Cost of Goods Manufactured for the year. Lawrence Industries Calculation of Cost of Goods Manufactured For Current Year Plus: Manufacturing costs incurred Less Cost of goods manufactured Time Rem