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Can you please solve and give step by step. Exercise 2-40 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The following balances appear

image text in transcribedCan you please solve and give step by step.

Exercise 2-40 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The following balances appear on the accounts of Greusel Fabrication: Direct materials used during the year amount to $540,000 and the cost of goods sold for the year was $1,586,000. Required: Prepare a cost of goods sold statement

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