Erickson industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the folowing The Raw Materials Inventory account had a beginning balance of $13,000 and an ending balance of $14,000 During the year, the company purchased $50,000 of direct materials Direct labor for the year totaled $121,000, while manufacturing overhead amounted to $165.000 The Work in Process Inventory account had a beginning balance of $27,000 and an ending balance of $10,000. 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) Plas Purchases of direct materials Matenas available for use Less Ending raw matenas inventory Drect materials ined Compute the Cost of Goods Manufactured for the year Erickson Industries Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory Phn Manufacturing costs incuned Orect materia and Manufacturing overhead Total manufacturing costs to account for Levening work process viventory Cost of goods manufactured 50.000 63,000 14,000 40.000