At the end of the first month of opening your business, you calculate the actual operating costs of the ousiness and the income you earned. You also notice and document the difference in what you oudgeted for certain materials and labor against the actual amounts you spent on the same. For your statement of cost of goods sold, use the following data regarding the actual costs incurred by he business over the past month: - Materials purchased: $20,000 - Consumed 80% of the purchased materials - Direct labor: $8,493 - Overhead costs: $3,765 Note: Assume that the beginning materials and ending work in process are zero for the month. - Statement of Cost of Goods Sold Beginning Work in Process Inventory Direct Materials: Materials: Beginning Add: Purchases for month of January Materials available for use Deduct: Ending materials Materials Used Direct Labor Overhead Total Costs Deduct: Ending Work in Process Inventory Cost of Goods Sold