Kelvin 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 $18,000 and an ending balance of $12,000. During the year, the company purchased $62,000 of direct materials. Direct labor for the year totaled $123,000, while manufacturing overhead amounted to $163,000. The Work in Process Inventory account had a beginning balance of $21,000 and an ending balance of $17,000. 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.)