3-54 Cost of Goods Manufactured and Sold Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $380,000 300,000 38,000 555,000 66,000 60,000 Materials Work-In-Process Finished Goods January 1 $ 25,000 45,000 135,000 December 31 $40,000 40,000 75,000 Required 1. Prepare a statement of cost of goods manufactured. 2. Calculate cost of goods sold