Income Statement, Cost of Goods Manufactured Spencer Company produced 200,000 cases of sports drinks during the past calendar year. Each case of 1-liter bottles sells for $36. Spencer had 2,500 cases of sports drinks in finished goods inventory at the beginning of the year. At the end of the year, there were 11,500 cases of sports drinks in finished goods inventory Spencer's accounting records provide the following information: Purchases of direct materials $2,340,000 Direct materials inventory, January 1 290,000 116,000 Direct materials inventory, December 31 Direct labor 1,200,000 Indirect labor 334,000 Depreciation, factory building 525,000 Email Instructor Submit Test for Grading