Colfax Wood Company had the following inventory balances at the beginning of the fiscal year: Direct materials $ 150,000 Work in process 120,000 Finished goods 84,000 During the year, the production and selling activities of Colfax are summarized as follows: Direct materials purchased Direct labor incurred Factory overhead Sales $ 500,000 800,000 1,200,000 3,850,000 At the end of the year, the following inventory balances were determined by physical inventory: Direct materials Work in process Finished goods $100,000 160,000 50,000 Cost of direct materials used - $ ii. iii. Total manufacturing costs = $_ Cost of goods manufactured - $ Cost of goods sold -$_ Gross profit - $ iv. v