Araj Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year:

Required:
1. Prepare a cost of goods manufactured statement.
2. Prepare a cost of goods sold statement.

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Direct labor cost $371,500 Purchases of direct materials 160,400 Freight-in on materials 1,000 Factory supplies used 37,800 Factory utilities 46,000 Commissions paid 80,000 Factory supervision and indirect labor 190,000 Advertising Materials handling Work-in-process inventory, January 1 Work-in-process inventory, December 31 Direct materials inventory, January 1 Direct materials inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 23,900 26,750 201,000 98,000 47,000 17,000 8,000 62,700