EricksonErickson 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 $ 18 comma 000$18,000 and an ending balance of $ 16 comma 000$16,000. During the year, the company purchased $ 60 comma 000$60,000 of direct materials. Direct labor for the year totaled $ 131 comma 000$131,000, while manufacturing overhead amounted to $ 153 comma 000$153,000. The Work in Process Inventory account had a beginning balance of $ 30 comma 000$30,000 and an ending balance of $ 19 comma 000$19,000. 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.)\ Question content area bottom\ Part 1\ Start by calculating the direct materials used during the year.\ Erickson Industries\ Calculation of Direct Materials Used\ For Current Year\ \ \ Plus:\ \ \ \ \ Less:\ \ \ Direct materials used\ \ \ Part 2\ Compute the Cost of Goods Manufactured for the year.\ Erickson Industries\ Calculation of Cost of Goods Manufactured\ For Current Year\ \ \ Plus:\ Manufacturing costs incurred\ \ \ \ \ \ \ \ \ \ \ \ \ Less:\ \ \ Cost of goods manufactured