Goodrow Industries is calculating its Cost of Goods Manufactured at year-end. Goodrow's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $15,000 and an ending balance of $13,000. During the year, the company purchased $55,000 of direct materials. Direct labor for the year totaled $116,000, while manufacturing overhead amounted to $162,000. The Work in Process Inventory account had a beginning balance of $24,000 and an ending balance of $23,000. 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.) Start by calculating the direct materials used during the year. Goodrow Industries Calculation of Direct Materials Used For Current Year Beginning raw materials inventory $ 15,000 55,000 Plus: Purchases of direct materials Materials available for use 70,000 13,000 Less: Ending raw materials inventory $ 57,000 Direct materials used Compute the Cost of Goods Manufactured for the year. Goodrow Industries is calculating its Cost of Goods Manufactured at year-end. Goodrow's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $15.000 and an ending balance of $13,000. During the year, the company purchased S55,000 of direct materials. Direct labor for the year totaled S116.000, while manufacturing overhead amounted to $162,000. The Work in Process Inventory account had a beginning balance of $24,000 and an ending balance of $23,000. 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 15,000 55,000 Plus: Purchases of direct materials Materials available for use 70,000 13,000 Loss: Ending raw materials inventory $ 57,000 Direct materials used Compute the cost of Goods Manufactured for the year. Goodrow Industries Calculation of Cost of Goods Manufactured For Current Year Plus: Manufacturing costs incurred Less: Cost of goods manufactured