1-6 Statement of cost of goods manufactured; cost of goods sold The following data are taken from the general ledger and other records of Black Hills Manufacturing Co. on January 31, the end of the first month of operations in the current fiscal year: $75,000 25,000 24,000 32,000 21,000 18,000 Sales .. Materials inventory (January 1) Work in process inventory (January 1) Finished goods inventory (January 1) Materials purchased Direct labor cost .... Factory overhead (including $1,000 of indirect materials used and $3,000 of indirect labor cost) ... Selling and administrative expenses Inventories at January 31: Materials .... Work in process Finished goods ... 12,000 10,000 22,000 20,000 30,000 a. Prepare a statement of cost of goods manufactured. b. Prepare the cost of goods sold section of the income statement