ompany t Mater nt Year Data Table Beginning End of End of of Year Year Year 9,500 Raw materials inventory . .. $20,000 $ 28,000 Insurance on plant Work in process inventory . . . $ 35,000 S 31,000Depreciation-plant building and equipment12,700 Finished goods inventory....$ 22,000 $ 27,000 Repairs and maintenance-plant .. . . . . .. . . . . $ 4,100 Purchases of direct materials. Direct labor Indirect labor $ 80,000 General and administrative expenses .. . . $ 30,500 40,000 Print Done E2-26A (similar to) Compute the Cost of Goods Manufactured and Cost of Goods Sold for Clear Bay Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials (Click the icon to view the data) Start the calculation for cost of goods manufactured by calculating the direct materials used. Clear Bay Company Calculation of Direct Materials Used For Current Year Plus: Less: Direct materials used Compute the Cost of Goods Manufactured and Cost of Goods Sold for Clear Bay Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials. (Click the icon to view the data.) Start the calculation for cost of goods manufactured by calculating the direct materials used. Clear Bay Company Calculation of Direct Materials Used For Current Year Beginning raw materials inventory Beginning work in process inventory Cost of goods manufactured Direct labor Ending raw materials inventory Ending work in process inventory Manufacturing overhead Materials available for use Purchases of direct materials Total manufacturing costs incurred during the period Total manufacturing costs to account for