True Fit Shoe Company makes loafers. During the most recent year, True Fit incurred total manufacturing costs of $$23,500,000.$ Of this amount, $$2,100,000$ was direct materials used and $$16,800,000$ was direct labor. Beginning balances for the year were Direct Materials, $$500,000$; Work$-$in$-$Process Inventory, $$1,500,000$; and Finished Goods Inventory, $$1,000,000.$ At the end of the year, balances were Direct Materials, $$700,000$; Work$-$in$-$Process Inventory, $$1,300,000$; and Finished Goods Inventory, $$710,000.$

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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 Materials Used

Direct Labor

Manufacturing Overhead

Total Manufacturing Costs Incurred during the Year

Total Manufacturing Costs to Account For

Ending Work$-$in$-$Process Inventory

Cost of Goods Manufactured

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