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The following information applies to the questions displayed below.] Assume the raw materials inventory account is used only for direct materials. Note: Assume allra direct materials. Beginning of Year End of Year Inventories Raw materials inventory Work in process inventory Finished goods inventory $ 7,000 14,000 10,500 $ 9,500 10,000 6,500 Activity during current year Raw materials purchased $ 125,500 Direct labor 95,000 Factory overhead 42,000 QS 14-17 (Algo) Schedule of cost of goods manufactured LO P2 Factory overhead of $42,000 consists of Indirect labor of $21,000, Depreciation expense-Factory of $16,000, and Factory utilities of $5,000. a. Compute total manufacturing costs. b. Prepare a schedule of cost of goods manufactured. Complete this question by entering your answers in the tabs below. Required A Required B Compute total manufacturing costs. $ Direct materials used Raw materials purchased 42,000 125,500 Total manufacturing costs $ 167,500 med Prepare a schedule of cost of goods manufactured. Schedule of Cost of Goods Manufactured Direct materials Raw materials available for use $ 0 Factory overhead 0 Total factory overhead 0 $ 0 Cost of goods manufactured