Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,210,000 41,000 59,200 64,500 172,200 222,000 24,200 40,000 5,250 58,000 88,000 130,000 40, 100 45, 100 70,000 Prepare its schedule of cost of goods manufactured for the current year ended December 31. DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended December 31, Year 1 Direct materials Raw materials inventory, beginning $ 41,000 Add: Raw materials purchases 172,200 Raw materials available for use 213,200 Less: Raw materials inventory, ending 40,100 Direct materials used Direct labor $ 173,100 222,000 Factory overhead: Repairs-Factory equipment Rent cost of factory building 5,250 58,000 Total factory overhead costs Total manufacturing costs Less: Work in process inventory, beginning Total cost of work in process 63,250 458,350 45,100 503,450 Cost of goods manufactured $ 503,450