The following information is taken from the accounting records of Murphy Company for 2019: Direct (Raw) materials inventory, January 1 $ 25,000 Direct (Raw) materials inventory, December 31 22,000 Work-in-process inventory, January 1 25,000 Work-in-process inventory, December 31 36,000 Finished goods inventory, January 1 27,000 Finished goods inventory, December 31 21,000 Direct Materials purchases for the year 60,000 Direct labor Factory overhead Sales revenue 100,000 92,000 300,000 Required: Calculate Cost of Goods Manufactured. (Make sure to show work so that partial credit can be given).