direct labor costs les value of product produced 4.5 pts Question 8 Selected data concerning the past year's operations of the Lone Star Leather Company are as follows: Inventories Beginning Ending Direct Material $142,000 $162.000 160.000 60,000 Work in process Finished goods 180,000 220,000 Other Data: Direct material used 652.000 Total manufacturing costs charge to production during the year (includes direct material, direct labor, and manufacturing overhead applied at a rate 1,372.000 of 60% of direct labor costi Cost of goods sold 1.432,000 Selling and administrative expenses 63.000 Sales Revenue 1.700.000 What was the cost of direct materials purchased during the year? O $348,000 O $632.000 O $ 20,000 5672.000 otv A