Compute the Cost of Goods Manufactured and Cost of Goods Sold for Quality Acquatic 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.) Beginning raw materials inventory Plus: Purchases of direct materials Materials available for use Less: Ending raw materials inventory $ 23,000 77,000 100,000 26,000 $ 74,000 Direct materials used Calculate the cost of goods manufactured. Quality Acquatic Company Calculation of Cost of Goods Manufactured For Current Year Beginning work in process 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