Compute the Cost of Goods Manufactured and Cost of Goods Sold for South Marine 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. South Marine Company Calculation of Direct Materials Used Purchases of direct materials For Current Year Plus: Beginning raw materials inventory Materials available for use Less: Ending raw materials inventory Direct materials used Calculate the cost of goods manufactured. South Marine Company Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory 76,000 28,000 104,000 31,000 $ 73,000 38000