Answer is complete but not entirely correct. Comelius Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials Beginning materials inventory 25,000 Materials purchases 555,000 Materials available 580,000 Less: Ending materials inventory 40,000 Materials used $ 540,000 300,000 Direct labor Factory overhead Indirect materials Utilities-factory Indirect labor Factory rent Direct labor Total factory overhead Total manufacturing costs Add: Beginning work-in-process inventory Total manufacturing costs to account for Less Ending work-in-process inventory Cost of goods manufactured 66.000 38,000 60.000 380,000 320,000 $ >IX 544,000 1,384,000 45.000 1,429,000 40.000 1.389.000 > $ Cost of goods sold Beginning finished goods inventory Cost of goods manufactured Cost of goods available for sale Ending finished goods inventory Cost of goods sold 135.000 1,389,000 1,524,000 75.000 1,449.000 Cornelius Company produces women's clothing During the year, the company incurred the following costs: Factory rent Direct labor utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 380,000 300,000 38,000 555,600 66,000 60,000 Inventories for the year were as follows: January 1 December 31 Materials $ 25,000 Work-In-Process $ 40,000 45,000 40,000 Finished Goods 135,000 75,000 Required: 182. Prepare a statement of cost of goods manufactured and calculate cost of goods sold