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 $ 7,900 $ 11,000 Work in process inventory 13,200 10,000 Finished goods inventory 11,200 6,000 Activity during current year Materials purchased $127,000 Direct labor 104,400 Factory overhead 40,800 Cost of Direct Material is Computed as: Raw materials inventory beginning Add: Raw materials purchased Raw materials available for use Less: Raw materials inventory, ending Direct materials used QS 14-10 Cost of goods sold LO P1 Compute cost of goods sold for 2017 using the following information. Finished goods inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2017 Cost of goods manufactured, 2017 Finished goods inventory, Dec. 31, 2017 $ 350,000 86,500 75,000 961,300 301,000 Cost of Goods Sold is Computed as: 0 Cost of goods sold $ 0