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 Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor Factory overhead $ 7,500 15,000 11,500 $ 10,500 10,500 7,000 $ 126,500 95,500 43,500 QS 18-16 (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: 0 D