Compute cost of goods manufactured and cost of goods sold from the following amounts.                                               Beginning of Year                 End of Year Direct materials inventory        $22,000                               $26,000 Work in process inventory        $38,000                               $30,000 Finished goods inventory          $18,000                              $23,000 Purchases of direct materials                                               $75,000 Direct labour                                                                         $82,000 Manufacturing overhead                                                       $39,000

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.