True Fit Shoe Company makes loafers. During the most recent year, True Fit incurred total manufacturing costs of $27,100,000, Of this and Finished Goods Invent ,000 was rect materials used and $19,800,000 was direct labor. Beginning balances for the year were Direct Materials, $900,000: Work-in-Process Inventory, $1,400,000; ory, $800,000. At the end of the year, balances were Direct Materials, $700,000; Work-n-Process Inventory, $1,200,000: and Finished s Inventory, $800,000. Read the requirements Requirement 1. Analyze the inventory accounts to determine the cost of direct materials purchased during the year. Direct Materials Direct Materials Used Beginning Direct Materials Ending Direct Materials Purchases Requirement 2. Analyze the inventory accounts to determine the cost of goods manufactured for the year Work-in-Process Beginning Work-in-Process Inventory Direct Matorials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Ending Work-n-Process Inventory Cost of Goods Manufactured Requirement 3. Analyze the inventory accounts to determine the cost of goods sold for the year. Finished Goods Beginning Finished Goods Inventory Cost of Goods Manufactured Cost of Goods Available for Sale Ending Finished Goods Inventory Cost of Goods Sold