Sharpland industries is calculating its cost of goods manufactured at the end. Sharplands accounting records show the following. The raw materials inventory account had a beginning balance of $14,000 and an ending balance of $17,000. During the year, the company purchased $53,000 of direct materials. Direct labor for the year totaled $130,000 while manufacturing overhead amounted to $152,000. The work in process inventory account had a beginning balance of $26,000 and an ending balance of $21,000. Assumed that raw materials inventory contains only direct materials. Compute the cost of goods manufactured for the year. Hint the first step is to calculate direct materials used during the year