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 December 31 Materials $65,000 $35,000 WIP Finished Goods 90,000 60,000 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 24,000 62,500 Advertising Expenses = 10,000 Factory supplies and utility costs (these costs are not considered indirect materials) = 10,000