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 Invent contains only direct materials.

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Data table

$\backslash$table$[[,,\backslash$table$[[$ginning$],[$f Year$]],\backslash$table$[[$End of$],[$Year$]],,,\backslash$table$[[$End of$],[$Year$]]],[$Raw materials inventory,$$,28,000,$$ $34,000,$Insurance on plant,$$,8,000],[$Work in process inventory,$$,44,000,$$$,29,000,$Depreciation$-$plant building and equipment,$8,12,600],[$Finished goods inventory.,$$,20,000,$$$25,000,$Repairs and maintenance$-$plant,$$,3,700],[$Purchases of direct materials,,,$ $72,000,$Marketing expenses,,$76,000],[$Direct labor.,,,$82,000,$General and administrative expenses,$$,23,500],[$Indirect labor. $.........,,,$$$,45,000,,,2]]$

Start the calculation for cost of goods manufactured by calculating the direct materials used.

Quality Acquatic Company

Calculation of Direct Materials Used

For Current Year

Plus:

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Direct materials used