Question 3 Perfect Fit Shoe Company makes loafers. During the most recent year, Perfect Fit incurred total manufacturing costs of $26.200.000. Of this amount. $2.100.000 was direct materials used and $19.800.000 was direct labor. Beginning balances for the year were Raw Materials Inventory. $700.000; Work-in-Process Inventory, $1.000.000; and Finished Goods Inventory. $1,000,000. At the end of the year, balances were Raw Materials Inventory. $600.000: Work-in-Process Inventory $1.300.000: and Finished Goods Inventory. $280.000 Requirements Analyze the inventory accounts to determine: 1. Cost of raw materials purchased during the year. 2. Cost of goods manufactured for the year. 3. Cost of goods sold for the year