Question 1 The information below relates to Derby Manufacturing Company's operations for a recent month. (Assume that all raw materials are direct materials.): Purchases of raw materials $91,000 Direct labor cost $122,000 Selling costs (total) $42,000 Administrative costs (total) $56,000 Manufacturing applied overhead (total) $340,000 Raw materials inventory, beginning $22,000 Work in process inventory, beginning $27,000 Finished goods inventory, beginning $42,000 Raw materials inventory, ending $7,000 Work in process inventory, ending $35,000 Finished goods inventory, ending $15,000 Overapplied overhead $2,000 Required: 1. Calculate Derby's cost of goods manufactured for the month. 2. Calculate Derby's cost of goods sold for the month.