Analyzing Activity in Inventory AccountsSelected data concerning operations of Ridgeview Manufacturing Company for the past fiscal year follow:Raw materials used$ 300,000Total manufacturing costs charged to production during the year(includes raw materials, direct labor, and manufacturing overheadapplied at a rate of 60 percent of direct labor costs)681,000Cost of goods available for sale826,000Selling and general expenses30,000 InventoriesBeginning Ending Raw materials$ B70,000$ E80,000 Work-in-process B85,000 E30,000 Finished goods B90,000 E110,000Determine each of the following:(a) Cost of raw materials purchased$Answer(b) Direct labor costs charged to production$Answer(c) Cost of goods manufactured$Answer(d) Cost of goods sold$Answer
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