Question 5 (8 marks) Montreal Industries Inc. had the following activities during the year: Ensure to show all calculations for full marks. Direct materials - Beginning inventory $50,000 Direct materials - Ending inventory 26,000 Direct manufacturing labour 40,000 Manufacturing overhead 30,000 Direct materials - Purchases 154,000 Ending work-in-process inventory 10,000 Beginning work-in-process inventory 2,000 Ending finished goods inventory 40,000 Beginning finished goods inventory 60,000 Required 1. Calculate the cost of direct materials used during the year. 2. Calculate the cost of goods manufactured during the year (do not need to prepare a full schedule but show all calculations) 3. Calculate the cost of goods sold during the year