E1-9 Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc.: Inventories Ending Beginning $75,000 $110,000 80,000 70,000 95,000 90,000 Finished goods... Work in process.. Direct materials. .... Revenues and Costs for the Period: Sales ... Cost of goods available for sale... Total manufacturing costs... Factory overhead Direct materials used Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost of goods sold. d. Gross profit. $900,000 775,000 675,000 175,000 205,000 (Hint: The answers to subsequent parts may require using solu- tions from earlier parts.)