Sharpland Sharpland Industries is calculating its Cost of Goods Manufactured at year-end. Sharpland's Sharpland's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $18,000 and an ending balance of $16,000. During the year, the company purchased $51,000 of direct materials. Direct labor for the year totaled $115,000, while manufacturing overhead amounted to $160,000. The Work in Process Inventory account had a beginning balance of $29,000 and an ending balance of $ $15,000. 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.)