Sharpland Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $18,000 and an ending balance of $17,000. During the year, the company purchased $57,000 of direct materials. Direct labor for the year totaled $125,000, while manufacturing overhead amounted to $156,000. The Work in Process Inventory account had a beginning balance of $23,000 and an ending balance of $21,000. Assume that Raw Materials Inventory contains only direct materials. Compute the cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) ITU. Materials available for use 75,000 Less: Ending raw materials inventory 17,000 $ Direct materials used 58,000 Compute the Cost of Goods Manufactured for the year. Sharpland Industries Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used Direct labor Manufacturing overhead Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured