The Richards Company manufactures a single product. All raw materials used are traceable to specific units of product. Current information for the Richards Company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead Beginning finished goods inventory Ending finished goods inventory $ 16,000 18,000 96,000 46,000 31,000 136,000 66,000 61,000 51,000 The company's cost of raw materials used, cost of goods manufactured and cost of goods sold is: Multiple Choice Cost of Materials Used 596,000 cost of Goods Manufactured $311,000 Cost of Goods sold 5301,000 594,000 $281,000 $301,000 . . . , 150,00 $94,000 $311,000 $321,800 18, $98,000 $281,000 $311,000 $98,000 $311,000 $321,000