Cherokee Company manufactures a line of equipment for sale to manufacturers of scuba equipment. You have accumulated the attached information relating to the company's operations for the current year ending December 31, 20X2. REQUIRED: Prepare schedules to determine the following amounts for Cherokee Company for the year ending December 31, 20X2. (1) Cost of direct materials used. (2) Current manufacturing costs. (3) Cost of goods manufactured. Cost of goods sold. 330,000 55,500 44,200 38,700 CHEROKEE COMPANY SELECTED GENERAL LEDGER ACCOUNTS AT DECEMBER 31, 20X2 Direct Materials Purchases Direct Materials Inventory, 1/1/X2 Work in Process Inventory, 1/1/X2 Finished Goods Inventory, 1/1/X2 Insurance Expense, Factory Utilities Expense, Factory Depreciation Expense, Factory Depreciation Expense, Selling and Administrative Selling Expenses Direct Materials Inventory, 12/31/X2 Work in Process Inventory, 12/31/X2 Finished Goods Inventory, 12/31/X2 Direct Labor Indirect Labor Repairs and Maintenance Expense, Factory Equipment Indirect Materials Administrative Expenses Sales Revenue 3,700 7,400 16,300 12,500 45,000 56,200 40,000 35,600 195,000 72,500 14,250 38,200 130,000 750,000