Question 5 (8 marks) Montreal Industries Inc. had the following activities durin 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 2. Calculate the cost of goods manufactured during the (do not need to prepare a full schedule but show all calculations) 3. Calculate the cost of goods sold during the year. Toronto Industries Inc. had the following activities during the year Direct materials: Beginning inventory Purchases $40,000 126,000 36,000 45,000 35,000 Ending inventory Direct manufacturing labour Manufacturing overhead Ending work-in-process inventory Beginning work-in-process inventory Ending finished goods inventory Beginning finished goods inventory 12,000 3,000 50,000 55,000 What is Toronto's cost of direct materials used during the year? Select one: a $130,000 b. $162,000 c. $122,000 d $166.000