West Shoe Company makes loafers. During the most recent year, West incurred total manufacturing costs of $20,900,000. Of this amount, $3,000,000 was direct materials used and $13,800,000 was direct labor. Beginning balances for the year were Raw Materials Inventory, $800,000: Work-in-Process Inventory, S900,000 and Finished Goods Inventory $1,200,000. At the end of the year, balances were Raw Materials Inventory, $800,000; Work-in-Process Inventory. $1,500,000; and Finished Goods Inventory, $390,000. Requirements Analyze the inventory accounts to detemine 1. Cost of raw materials purchased during the year 2. Cost of goods manufactured for the year. 3. Cost of goods sold for the year 1. Cost of raw materials purchased during the year. Direct Materials Direct Materials Used Beginning Raw Materials Inventory Ending Raw Materials Inventory Purchases 2. Cost of goods manufactured for the year. $3,000,000 (800,000) 600,000 $2,800,000 Work-in-Process $900.000 Beginning Work-in-Process Inventory Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Ending Work-in-Process Inventory Cost of Goods Manufactured 3. Cost of goods sold for the year S 3,000,000 13,800,000 Finished Goods Beginning Finished Goods Inventory Cost of Goods Manufactured Cost of Goods Avalable for Sale Ending Finished Goods Inventory Cost of Goods Sold