Compute the cost of Goods Manufactured and Cost of Goods Sold for East Aquatic 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 Grect materials used East Aquatic 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 good manufactured East Aquate Company Calculation of Cost of Goode Manufactured For Current Year Beginning work in process invertory 20,000 Plus Manufacturing costs incurred Direct materials used 71,000 Direct labor 80,000 Manufacturing overhead For Current Year 20,000 71,000 80,000 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 Now calculate the cost of goods sold. East Aquatic 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 Data Table End of Year $ 9,000 Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct labor Indirect labor Beginning End of of Year Year $ 24,000 S 31,000 Insurance on plant $ 42,000 $ 28,000 Depreciation-plant building and equipment 20,000 $ 27,000 Repairs and maintenance-plant $ 71,000 Marketing expenses $ 80,000 Gonoral and administrative expenses $ 45,000 $ 13,400 3,600 $ 84,000 $ 24,500 Print Done