Question 8 4.5 pts XYZ Company recorded the following information related to their inventory accounts for 2020: Direct materials Work in process Finished goods January 1, 2020 37,200 38,000 22,000 December 31, 2020 50,000 41,000 34,000 The following information was taken from XYZ Company's accounting records for 2020: $630,000 Sales revenue ..... Direct materials purchased Depreciation, factory equipment Prime costs .... Utilities (60% for factory; 40% for office building) Sales commissions Indirect materials ...... Depreciation, office equipment Rent, factory building Direct labor .... Advertising ............. Production supervisor's salary ....... 34,000 250,000 20,000 29,000 25,000 30,000 56,000 75,000 81,000 Additional information: 1. Direct labor comprised 35% of the conversion costs for 2020. 2. The actual overhead cost for 2020 was equal to the overhead applied to production. Thus there was no overhead variance for 2020. Calculate the direct materials purchased by XYZ Company in 2020