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Renka Shoe Company makes loafers. During the most recent? year, Renka incurred total manufacturing costs of $25,400,000. Of this? amount, $2,500,000 was direct materials used and $18,800,000 was direct labor. Beginning balances for the year were Raw Materials? Inventory, $600,000?; ?Work-in-Process Inventory, $1,200,000?; and Finished Goods? Inventory, $1,300,000. At the end of the? year, balances were Raw Materials? Inventory, $700,000?; ?Work-in-Process Inventory, $1,600,000?; and Finished Goods? Inventory, $1,230,000.RequirementsAnalyze the inventory accounts to? determine: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.