QS 18-16 Computing direct materials used Use the following information to compute the cost of direct materials used for the current year. Note: Assume all raw materials were used as direct materials. P2 Inventories Beginning of Year End of Year Activity during current year Raw materials inventory.... Work in process Inventory... $ 6,000 $ 7,000 12,000 9,000 Raw materials purchased... Direct labor.. $123,000 94,000 8,000 5,000 Factory overhead....... 39,000 QS 18-17 Schedule of cost of goods manufactured P2 Finished goods inventory... Refer to the data in Quick Study 18-16. Factory overhead of $39,000 consists of Indirect labor of $20,000, Depreciation expense-Factory of $15,000, and Factory utilities of $4,000. a. Compute total manufacturing costs. b. Prepare a schedule of cost of goods manufactured.