Donnyelle Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $15,000 and an ending balance of $21,000. During the year, the company purchased $54,000 of direct materials. Direct labor for the year totaled $119,000, while manufacturing overhead amounted to $147,000. The Work in Process Inventory account had a beginning balance of $26,000 and an ending balance of $24,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint. The first step is to calculate the direct materials used during the year.) Start by calculating the direct materials used during the year. Donnyelle Industries Calculation of Direct Materials Used For Current Year Beginning raw materials inventory Plus: Purchases of direct materials Materials available for use Less: Ending raw materials inventory Direct materials used Compute the Cost of Goods Manufactured for the year. Donnyelle Industries Calculation of Cost of Goods Manufactured Direct materials used For Current Year 48000 Plus: Manufacturing costs incurred Direct labor 119000 Manufacturing overhead 147000 Total manufacturing costs to account for 314000 Beginning work in process inventory 26000 Less: Ending work in process inventory 24000 316000 Cost of goods manufactured 15,000 54,000 69,000 21,000 48,000