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 (Click the icon to view the data) Start the calculation for cost of goods manufactured by calculating the direct materials used Clear Bay Company Calculation of Direct Materials Used For Current Year Plus Less Direct materials used i GLIED Data table Beginning of Year End of Year End of Year Raw materials inventory $ 21,000 $ 25,000 Insurance on plant $ 9,000 Work in process inventory Finished goods inventory 38,000 $ 29,000 Depreciation-plant building and equipment 19,000 $ 26,000 Repairs and maintenance-plant $ 12,500 $ 3,900 Purchases of direct materials Direct labor Indirect labor $ 75,000 Marketing expenses $ 80,000 $ 80,000 General and administrative expenses 22,500 $ 44,000 Print Done - X