The following inventory balances and cost data are presented for Our Company: Beginning Inventories: Raw Materials Inventory, Jan 1 $50,000 Work in Process Inventory, Jan 1 $85,000 Finished Goods Inventory, Jan 1 $25,000 Cost data: Material Purchases $75,000 Direct Labor $120,000 Indirect Materials $20,000 Factory Utilities $17,000 Factory Supplies $4,500 Factory Rent $20,000 Sales Commissions $13,000 Depreciation on Office Equipment $12.000 Ending Inventories: Raw Materials Inventory, Dec 31 $45,000 Work in Process Inventory, Dec 31 $65,000 Finished Goods Inventory, Dec 31 $70,000 Calculate the following amounts using the information above (show and label all your calculations Calculate the following amounts using the information above 1. Direct materials used 2. Factory overhead 3. Cost of Goods Manufactured 4. Cost of Goods Sold