Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Note: Assume all raw materials were used as direct materials. Beginning of Year End of Year Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor Factory overhead $ 6,100 $ 7,700 12,200 8,700 9,100 5,600 $ 123,700 94,100 39,300 Compute the cost of direct materials used for the current year. Cost of Direct Material Used is Computed as: