Problem 3: COGM (15 points) Complete the words or amounts missing in each shaded area. Purchases of raw materials $32,000 Indirect materials included in manufacturing overhead $5,000 Direct labor cost $58,000 Manufacturing overhead applied to Work in Process $99,000 Beginning Ending Raw materials inventory $12,000 $16,000 Work in process inventory $48,000 $53,000 Finished goods Inventory $41,000 $47,000 Schedule of COGM Beginning Direct materials: Beginning raw materials inventory $12,000 Add: Total raw materials available 44,000 Deduct: Ending raw materials Inventory Raw materials used in production 28,000 Deduct: Indirect materials included in manufacturing overhead 5,000 23,000 Direct labor 58,000 Manufacturing overhead cost applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Deduct: Cost of goods manufactured 228,000 Schedule of COGS Beginning finished goods inventory $41,000 Add: Cost of goods available for sale Deduct: Cost of goods sold