Homework: Chapter 2 Homework Question 3, E2-25A (simil... Part 1 of 2 HW Score: 0%, 0 of 5 points O Points: 0 of 1 Ivanhoe 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 $15,000 and During the year, the company purchased $57,000 of direct materials. Direct labor for the year totaled $127,000, while manufacturing overhead amounted to $162,000. The Work in Process Inventory account had a and an ending balance of $17,000. 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 Start by calculating the direct materials used during the year. Ivanhoe Industries Calculation of Direct Materials Used For Current Year Plus: Less: Direct materials used