E2-25A (similar to) B Question Help Frasier Industries is calculating its Cost of Goods Manufactured at year-end. Frasier's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $19,000 and an ending balance of $15,000. During the year, the company purchased $61,000 of direct materials. Direct labor for the year totaled $115,000, while manufacturing overhead amounted to $149,000. The Work in Process Inventory account had a beginning balance of $29,000 and an ending balance of $21,000. 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.) Beginning raw materials inventory 19.000 61,000 Plus: Purchases of direct materials Materials available for use 80,000 Less: Ending raw materials inventory 15,000 65,000 Direct materials used Compute the cost of Goods Manufactured for the year. Frasier Industries Calculation of Cost of Goods Manufactured For Current Year Plus: Manufacturing costs incurred Direct labor Manufacturing overhead Less: Ending work in process inventory Cost of goods manufactured Choose from any list or enter any number in the input fields and then click Check Answer. ? All parts showing Clear All Check