Lofton Manufacturing Company reported the following year-end information: Beginning work in process inventory Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labour Manufacturing overhead Beginning finished goods inventory Ending finished goods inventory $90,000 25,000 75,000 40,000 80,000 75,000 50,000 127,000 134,000 Lofton Manufacturing Company's direct materials used during the year was $25,000 O $65,000 O $80,000 O $40,000 Question 14 (2 points) Lofton Manufacturing Company reported the following year-end information Beginning work in process inventory Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labour Manufacturing overhead Beginning finished goods inventory Ending finished goods inventory $90,000 25,000 75,000 40.000 80,000 75,000 50,000 127,000 134,000 Assuming Lofton had sales during the year of $548,000, the company's gross profit is O $343,000 O $350,000 O $205,000 O $198,000