Summit manufacturing had $10,000 of direct materials on hand at the beginning of the year and $9,000 on hand at the end of the year. during the year, the company purchased $42,000 of direct materials, and incurred $22,000 of direct labor and $17,000 of manufacturing overhead. the company had $26,000 of inventory in work-in-process inventory at the beginning of the year and $12,000 at the end of the year. what is the cost of goods manufactured for the year?

The basic difference between macroeconomics and microeconomics is that: a. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). b. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. c. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). d. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.