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A company's trial balance shows the following balances: Account Balance ($) Raw Materials Inventory $50,000 Work in Process Inventory $40,000 Finished Goods Inventory $60,000 Direct

A company's trial balance shows the following balances:

Account

Balance ($)

Raw Materials Inventory

$50,000

Work in Process Inventory

$40,000

Finished Goods Inventory

$60,000

Direct Labor

$70,000

Factory Rent

$25,000

Factory Utilities

$15,000

Prepare a cost of goods sold statement using absorption costing method.

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