Problem 4 Saddle Shoe Company makes sandals. During the most recent year, the firm incurred total manufacturing costs of $ 19,600,000. Of this amount, $ 2,700,000 was for direct materials used and $ 12,800,000 was for direct labor. Beginning balances were Raw Materials inventory, $ 500,000. Work-in-Process inventory, $ 800,000 and Finished Goods inventory, $ 500,000. At the end of the year, balances were Raw Materials inventory, $ 700,000, Work-in-Process inventory, $ 1,600,000 and Finished Goods inventory $ 620,000. What was the amount of Raw Materials purchased during the year? Compute the cost of goods manufactured. What was the cost of goods sold for the year?