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 Beginning raw materials inventory Plus: Purchases of direct materials Materials available for use Less: Ending raw materials inventory Direct materials used Calculate the cost of goods manufactured. Clear Bay Company Calculation of Cost of Goods Manufactured For Current Year Beginning raw materials inventory Plus: Manufacturing costs incurred Direct materials used Direct labor Manufacturing overhead Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured Now calculate the cost of goods sold. Clear Bay Company Calculation of Cost of Goods Sold For Current Year Beginning finished goods inventory Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Cost of goods sold - X 22000 76000 Data table 98000 27000 Beginning of Year End of Year End of Year 71000 Raw materials inventory $ 27,000 Insurance on plant Work in process inventory Finished goods inventory.. Purchases of direct materials Direct labor... 22,000 $ 40,000 $ 27,000 Depreciation-plant building and equipment $ 10,000 $ 12,900 S 19,000 $ 29,000 Repairs and maintenance-plant $ 3,800 $ 76,000 Marketing expenses $ 84,000 $ 81,000 General and administrative expenses $ 30,500 Indirect labor. $ 46,000 40000 71000 81000 Print Done