1. Use the following data to make a statement of Costs of Goods Manufactured and of Cost of Goods Sold (unadjusted Cost of Goods Sold): Inventories January 1 $65,000 December 31 Materials $35,000 WIP 90,000 24,000 Finished Goods 60,000 62,500 Materials purchased during the year - $100,000 Direct Labor incurred in production 110,000 Indirect Labor = 24,000 Factory Depreciation=10,000 Office Depreciation 5,000 Office Salaries-10,000 Sales Salaries 10,000 Advertising Expenses-10,000 Factory supplies and utility costs = 10,000