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 $$17,000$ and an ending balance of $$14,000.$ During the year, the company purchased $$70,000$ of direct materials. Direct labor for the year totaled $$119,000,$ while manufacturing overhead amounted to $$150,000.$ The Work in Process Inventory account had a beginning balance of $$24,000$ and an ending balance of $$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.$)$