Determining materials, labor, and cost of goods sold The following inventory deta relate to Buffalo Corp.: Inventories Ending Beginning Finished goods. ..... . . . $75,000 $110,000 Work in process. . . . . . . 80,000 70,000 Direct materials . PIE Ell 95,000 90.000 Revenues and Costs for the Period: 58198. . .. .. . 5900,000 Cost of goods available for sold . . . . . .. . .. 775,000 Total manufacturing costs . .. . . .. . . . ." 675,000 Factory overhead . . . .. . . 175,000 Direct materials used. .. .. 205.000 Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost of goods sold. d. Gross profit. (Hint: The answers to subsequent parts may require using solu- tions from earlier parts.)