QS 14-12 Direct materials used LO P2 Use the following information to compute the cost of direct materials used for the current year. (Assume no indirect materials.) January 1 December 31 Inventories Raw materials inventory Work in process inventory Finished goods inventory 12,000 8,500 6,000 7,500 9,000 5,500 Activity during current year Materials purchased Direct labor Factory overhead $123,500 94,000 39,000 Cost of Direct Material is Com