The following information is from Freno Company Beginning inventory $8,000.00 Transactions during the period Raw materials purchased 580,000 Frecht in $4,000 Direct labor $60,000 Manufacturing Overhead $20,000 Selling and administrative expenses Materials withdrawn for personal use Freight on goods sold $12,000 $1,000 56,000 $9,000 Ending Inventory Required: Compute the cost of goods sold for the current year which should be used for the income statement of Friggo