Perfect Fit Shoe Company makes loafers. During the most recent year, Perfect Fit incurred total manufacturing costs of $19,300,000. Of this amount, $3,100,000 was direct materials used and $11,800,000 was direct labor. Beginning balances for the year were Direct Materials, $900,000; Work-in-Process Inventory, $1,300,000; and Finished Goods Inventory, $500,000. At the end of the year, balances were Direct Materials, $500,000; Work-in-Process Inventory, $1,500,000; and Finished Goods Inventory, $980,000. Read the requirements. Requirement 1. Analyze the inventory accounts to determine the cost of direct materials purchased during the year. Requirements Analyze the inventory accounts to determine: 1. Cost of direct materials purchased during the year. 2. Cost of goods manufactured for the year. 3. Cost of goods sold for the year. Requirement 1. Analyze the inventory accounts to determine the cost of direct materials purchased during the year. Requirement 2. Analyze the inventory accounts to determine the cost of goods manufactured for the year. Requirement 2. Analyze the inventory accounts to determine the cost of goods manufactured for the year