Required Information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] Note: Assume all raw materials were used as direct materials. Beginning of Year End of Year Inventories Raw materials inventory $ 7,090 $ 9, 500 work in process inventory 14, 900 10,000 Finished goods inventory 10, 500 6, 500 Activity during current year ' Raw materials purchased $ 125, 500 Direct labor 95,060 Factory overhead 42, 090 QS 1-16 (Algo) Computing direct materials used LO P2 Compute the cost of direct materials used for the current year. Cost of Direct Material Used is Computed as