6Example needed information:

Goodrow Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $19,000 and an ending balance of $14,000. During the year, the company purchased $67,000 of direct materials. Direct labor for the year totaled $116,000, while manufacturing overhead amounted to $156,000. The Work in Process Inventory account had a beginning balance of $22,000 and an ending balance of $16,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) Start by calculating the direct materials used during the year. \begin{tabular}{|l|l|} \hline Beggining work in process & $20,000 \\ \hline Add : Manufacturing costs incurred & \\ \hline Direct meterials used & $68,000 \\ \hline Direct labor & $124,000 \\ \hline Manufacturing Overhead & $148,000 \\ \hline Total cost of work in process & $340,000 \\ \hline Less : Ending work in process & $22,000 \\ \hline Cost of goods manufactured & $338,000 \\ \hline \end{tabular}