4 4 points Exercise 2-42 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The following balances are from the accounts of Crabtree Machining Company January 1 December 311 (Beginning) (Ending) Direct materials inventory. eBook Work-in-process inventory Finished goods inventory $ 98,800 110,000 $108,500 105,600 45,500 44,500 Print References Mc Graw Direct materials purchased during the year amount to $514,700, and the cost of goods sold for the year was $1,870,000. Required: Prepare a cost of goods sold statement. CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31. Beginning work-in-process inventory $ 110,000 Manufacturing costs Direct materials Beginning inventory 98.800 Beginning work-in-process inventory Materials available: $ 98.800 Add: Ending inventory $ 98,800 Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Finished goods available for sale Cost of goods sold 98,800 S 208.800 $ 208,800 $ 208,800 $ 208,800 < Prev 4 of 5 Next >