Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical 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 h West Nautical Company Calculation of Direct Materials Used For Current Year Plus Less Direct materials used Data Table End of Year Raw materials inventory Beginning End of of Year Year $ 23,000 $ 25,000 Insurance on plant $ 35,000 $ 31,000 Depreciation-plant building and equipment $ 20,000 $ 22,000 Repairs and maintenance-plant $ 74,000 Marketing expenses $ 86,000 General and administrative expenses $ 42,000 $ 11,500 $ 13,400 $ 3,700 Work in process inventory Finished goods inventory $ 77,000 Purchases of direct materials $ 28,500 Direct labor Indirect labor