US most recent operating cycle. compe Raw Materials Inventory Work In Process Inventory Finished Goods Inventory December 31, 2019 $ 84,500 6,950 December 31, 2020 $ 88,400 65,000 5,700 78,700 Direct Labor Direct Materials Purchases Indirect Labor Indirect Materials Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Plant Manager's Salary Rent on Office Equipment Factory Property Taxes Factory Repair Cash Sales Commissions Office Supplies Cost Incurred during 2020 $ 165,600 197,600 15,400 7,800 72,000 4,700 10,700 21,900 26,000 574,500 45,000 15,700 9,600 4,100 49,200 114,900 2,400 Uncl labor hours. For the current year, estimated direct What is amount of Direct Materials Used? What is the total Manufacturing Overhead? What is the Total Manufacturing Cost? What is the Cost of Goods Manufactured? What is the Cost of Goods Sold? What is the Gross Margin reported on the Income Statement? What is the total Inventory reported on the Balance Sheet? estimated direct labor hours are 9,500 and estimated factory overhead is $61,750