Frasier 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 $12,000 and an ending balance of $17,000. During the year, the company purchased $53,000 of direct materials. Direct labor for the year totaled $117,000, while manufacturing overhead amounted to $160,000. The Work in Process Inventory account had a beginning balance of $29,000 and an ending balance of $20,000. 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 Beginning work in process inventory Cost of goods manufactured Direct labor Ending raw materials inventory Ending work in process inventory Manufacturing overhead Materials available for use Purchases of direct materials Total manufacturing costs incurred during the period Total manufacturing costs to account for