Renka Shoe Company makes loafers. During the most recent? year, Renka incurred total manufacturing costs of $ 20,000,000. Of this? amount, $3,000,000 was direct materials used and $12,800,000 was direct labor. Beginning balances for the year were Raw Materials? Inventory, $800,000?; ?Work-in-Process Inventory, $ $600,000?; and Finished Goods? Inventory, $1,000,000. At the end of the? year, balances were Raw Materials? Inventory, $ 700,000?; ?Work-in-Process Inventory, $ $1,800,000?; and Finished Goods? Inventory, $730,000.

Requirements

Analyze 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.