Compute the Cost of Goods Manufactured and Cost of Goods Sold for Clear Bay 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.) Data table Raw materials inventory Work in process inventory Finished goods inventory. Purchases of direct materials Direct labor. Indirect labor. Beginning of Year $ $ $ 21,000 $ 37,000 $ 16,000 $ $ $ $ End of Year 34,000 Insurance on plant Depreciation-plant building and equipment 28,000 23,000 Repairs and maintenance-plant 75,000 Marketing expenses 81,000 General and administrative expenses 45,000 End of Year $ 11,000 12,500 $ $ 3,500 $82,000 $ 25,500 X Start the calculation for cost of goods manufactured by calculating the direct materials used. Clear Bay Company Calculation of Direct Materials Used For Current Year Plus: Less: Direct materials used Calculate the cost of goods manufactured. Clear Bay Company Calculation of Cost of Goods Manufactured For Current Year Plus: Manufacturing costs incurred Less: Cost of goods manufactured MIT Now calculate the cost of goods sold. Plus: Less: Cost of goods sold Clear Bay Company Calculation of Cost of Goods Sold For Current Year