4) Young Fashions Company produces children's clothing. During the current year, the company incurred the following costs: Factory rent $144,000 Direct labor used 525,000 Factory utilities 120,000 Direct materials purchases 850,000 Indirect materials 106,000 Indirect labor 96,000 Inventories for the year were: January 1 December 31 Direct materials $220,000 $155,000 Work in process 160,000 128,000 Finished goods 320,000 310,000 Required: Prepare a statement of cost of goods manufactured and cost of goods sold.