CGM; CGS Irresistible Art produces collectible pieces of art. The companys Raw Material Inventory account includes the costs of both direct and indirect materials. Account balances for the company at the beginning and end of July follow:

	July 1	July 31
Raw Material Inventory	$167,760	$125,280
Work in Process Inventory	263,520	216,000
Finished Goods Inventory	129,600	188,640

During the month, the company purchased $1,180,800 of raw material; direct material used during the period amounted to $907,200. Factory payroll costs for July were $1,418,400, of which 75 percent was related to direct labor. Overhead charges for depreciation, insurance, utilities, and maintenance totaled $1,080,000 for July. a. Prepare a schedule of cost of goods manufactured. Note: Do not use negatives signs with your answers.

b. Prepare a schedule of cost of goods sold. Note: Do not use negative signs with your answers.