Use the following information to compute the cost of direct materials used for the current year. Assume the raw materials inventory account is used only for direct materials. (Assume no indirect materials.) Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Materials purchased Direct labor Factory overhead Cost of Direct Material Used is Computed as: January 1 December 31 $ 7,300 14,000 8,900 $ 11,100 10,600 5,600 $124,500 94,000 40,200