Problem 2 Thomas Manufacturing includes the following accounting records: Dec. 31, 2016 31-Dec-15 Work in Process Inventory $15,000 $12,000 Finished Goods Inventory $45,000 $51,000 Materials Purchased $331,000 Raw Materials Inventory $24,000 Direct Materials Used $325,000 Manufacturing Overhead incurred $132,000 Direct Labor $120,000 Selling Expenses $70,000 Calculate the following: 1.) Raw Materials Inventory at Dec. 31, 2016 2.) Total Manufacturing costs added to Work in Process Inventory during 2016 3.) Cost of Goods Manufactured during 2016 4.) Total Inventories recorded as of Dec. 31, 2016 5.) Assume Cost of Goods Manufacture is $500,000. What is Cost of Goods Sold for 2016.