Compute the Cost of Goods Manufactured and Cost of Goods Sold for Clear Bay Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials.

Start the calculation for cost of goods manufactured by calculating the direct materials used. Data table Beginning raw materials inventory Beginning work in process inventory Cost of goods manufactured Direct labor Ending raw materials inventory Ending work in process inventory Manufacturing overhead Materials available for use Purchases of direct materials Total manufacturing costs incurred during the period Total manufacturing costs to account for