5 Exercise 2-40 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The following balances appear on the accounts of Greusel Fabrication: 7 Direct materials inventory Work-in-process inventory points Finished goods inventory eBook March 1 (Beginning) $ 53,000 79,000 59,500 March 31 (Ending) $ 58,000 83,200 55,200 Direct materials used during the year amount to $542,000 and the cost of goods sold for the year was $1,606,000. Required: Prepare a cost of goods sold statement. Hint References Manufacturing costs: Direct materials: Materials available 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 GREUSEL FABRICATION Cost of Goods Sold Statement For the Month Ended March 31