Houston Office Equipment manufactures and sells metal shelving. It began operations on January 1, 2020. (Click the icon to view the costs incurred during 2020.) 6 Click the icon to view the inventory data.) Revenues in 2020 were 5604,800. The selling price per unit and the purchase price per pound of direct materials were stable throughout the year. The company's ending inventory of finished goods is carried at the average unit manufacturing cost for 2020. Finished-goods inventory at December 31, 2020, was $15,400. Read the requirements. Requirement 1. Calculate direct materials inventory, total cost, December 31, 2020. Determine the formula, then calculate ending direct materials total cost. Direct materials used in pounds Cost of goods manufactured ]= Ending direct materials total cost 2300 1495 .65 = Data Table i Data Table Inventory data are as follows: Beginning: January Ending: December 1, 2020 31, 2020 Direct materials oib 2,300 lbs Work in process 0 units 0 units Finished goods 0 units ? units Production in 2020 was 115,000 units. Two pounds of direct materials are used to make one unit of finished product. Costs incurred for 2020 are as follows (V stands for variable; F stands for fixed) Direct materials used $149,500 V Direct manufacturing labor costs $31,500 V Plant energy costs $5,500 V Indirect manufacturing labor costs $14,000 V Indirect manufacturing labor costs $18,000 F Other indirect manufacturing costs $8,500 V Other indirect manufacturing costs $26,000 F Marketing, distribution, and customer-service costs $122,000 V Marketing, distribution, and customer-service costs $42,000 F Administrative costs $59,000 F Variable manufacturing costs are variable with respect to units produced. Variable marketing, distribution, and customer-service costs are variable with respect to units sold. Print Done