Use the following information to compute the cost of direct materials used for the current year. (Assume no indirect materials.) January 1 December 31 $ 7,600 13,400 9,000 $ 9,400 10,000 6,300 Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Materials purchased Direct labor Factory overhead $140,000 100,000 45,600 Cost of Direct Material is Computed as