A distraught employee, Fang W. Arson, put a torch to manufacturing plant on a blustery February 26. The resulting blaze destroyed the plant and its contents. Fortunately, certain accounting records were kept in another building. They reveal the following for the period from January 1, 2017 to February 26, 2017 56,000 34,000 40,000 Revenues 6,00,000 Direct materials 26/2/2017 Indirect manufacturing costs 60% of conversion costs Prime costs 320,000 Work in process 1/1/2017 Gross margin percentage based on 25% Finished goods 1/1/2017 revenues Direct materials consumed 120,000 Direct materials 1/1/2017 Cost of goods available for sale 4,60,000 Required: Prepare the statement of cost of goods sold. [8] 20,000