1-7 Statement of cost of goods manufactured; cost of goods sold The following data are taken from the general ledger and other records of Coral Park Production Co. on January 31, the end of the first month of operations in the current fiscal year: Sales. $75,000 Materials inventory (January 1). 25,000 Work in process inventory (January 1). 24,000 Finished goods inventory (January 1) 32,000 Materials purchased.. 21,000 Direct labor cost. 18,000 Factory overhead (including $1,000 of indirect materials used and $3,000 of indirect labor cost). 12,000 Selling and administrative expenses 10,000 Inventories at January 31: Materials 22,000 Work in process. 20,000 Finished goods 30,000 a. Prepare a statement of cost of goods manufactured. b. Prepare the cost of goods sold section of the income statement