17. (4 Points) Continuing with Xiong Company from the previous page. Current period results include the following costs: Factory Rent Direct manufacturing labor Sales salaries Factory utilities Corporate administration utilities Direct materials purchases Indirect materials Indirect labor Advertising expense Inventories for the year were: $ 144,000 525,000 140,000 120,000 60,000 850,000 106,000 90,000 55,000 December 31 Direct materials Work in process Finished goods January 1 $ 220,000 160,000 320,000 b. Prepare a schedule of Cost of Goods Sold. $ 155,000 128,000 310,000