Industries is calculating its Cost of Goods Manufactured at year-end.

Donnyelle'sDonnyelle's

accounting records show the following: The Raw Materials Inventory account had a beginning balance of

$ 16 comma 000$16,000

and an ending balance of

$ 14 comma 000$14,000.

During the year, the company purchased

$ 66 comma 000$66,000

of direct materials. Direct labor for the year totaled

$ 130 comma 000$130,000,

while manufacturing overhead amounted to

$ 153 comma 000$153,000.

The Work in Process Inventory account had a beginning balance of

$ 26 comma 000$26,000

and an ending balance of

$ 22 comma 000$22,000.

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.)