Ivanhoe's Die-Cuts is preparing its cost of goods manufactured schedule at year-end. Ivanhoe's accounting records show the following: The raw materials inventory account had a beginning balance of $22,000 and an ending balance of $24,000. During the year, Ivanhoe purchased S52,000 of direct materials. Direct labour for the year totalled 9135,000, while manufacturing overhead amounted to $164,000. The work in process inventory account had a beginning balance of $27,000 and an ending balance of $16.000. Compute the cost of goods manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) Ivanhoe's Dle Cuts Cost of Goods Manufactured Add: Direct materials used Direct materials used Total manufacturing costs incurred during the period Less: Cost of goods manufactured