Unique Displays designs and manufactures displays used in mobile devices. Serious flooding throughout the region affected Unique Displays' facilities. Inventory was completely ruined, and the company's computer system, including all accounting records, was destroyed. The beginning inventory numbers are as follows:BEERequirementBefore the disaster recovery specialists clean the buildings, Anabel Addington, the company controller, is anxious to salvage whatever records she can to support an insurance claim for the destroyed inventory. She is standing in what is left of the Accounting Department wtih Terry Mackey, the cost accountant."'I didn't know mud could smell so bad," Terry says. "What should I be looking for?""Don't worry about beginning inventory numbers," responds Anabel. "We'll get them from last year's annual report. We need first$-$quarter cost data."" was working on the first$-$quarter results just before the storm hit," Terry says. "Look, my report's still in my desk drawer. But all I can make out is that for the first quarter, material purchases were $$524,000$ and that direct labor, manufacturing overhead $($other than indirect materials$),$ and total manufacturing costs to account for were $$545,000$; $$213,000$; and $$1,492,000,$ respectively. Wait, and cost of goods available for sale was $$1,470,000.""$Great$,"$ says Anabel. "I remember that sales for the period were approximately $$1\mathrm{.}9$ million.Given our gross profit of $25\%,$ that's all you should need." Terry is not sure about that, but decides to see what he can do with this information.Determine the ending inventories of raw materials, work in process, and finished goods.Assume that Raw Materials Inventory contains only direct materials.Raw materials, $$85\mathrm{.}000$Work in process, $$194,000$Finished goods, $$187,000$He remembers several schedules he learned in college that may help him get started.Start by determining the ending inventory of raw materials by calculating the direct materials usedUnique DisplaysCalculation of Direct Materials UsedFor Current YearBeginning raw materials inventorPlus: Purchases of direct materialsDirect materials available for useLess: Ending raw materials inventorDirect materials usedRequirement $2$ Next, determine the ending inventory of work in process by calculating the cost of goods manufactured.Unique DisplaysCalculation of Cost of Goods ManufacturedFor Current YearBeginning work in process inventoryPlus:Manufacturing costs incurredDirect materials usedDirect laborManufacturing overheadTotal manufacturing costs to account forLess:Ending work in process inventoryCost of goods manufacturedRequirement three Finally, determine the ending inventory of finished goods by calculating the cost of goods manufactured.Unique DisplaysCalculation of Cost of Goods SoldFor Current YearBeginning finished goods inventoryPlus: Cost of goods manufacturedCost of goods available for saleLess:Ending finished goods inventoryCost of goods available for sale