Understanding the Relationship between Cost Flows, Inventories, and Cost of Goods Sold Ivano Company has collected cost accounting information for the following subset of items for Years 1 and Required: Calculate the values of the missing items. 2. Year 1 Year 2 Item: Direct materials used in production Direct materials: Beginning inventory Direct materials purchases Direct materials: Ending inventory Direct labor used in production Manufacturing overhead costs used in production Work in process: Beginning inventory Work in process: Ending inventory Finished goods: Beginning inventory Finished goods: Ending inventory Cost of goods sold $50,000 $10,000 45,000 15,000 80,000 17,000 14,000 8,000 7,000 169,000 17,000 53,000 76,000 14,000 19,000 . 7,000 11,000