Comellus 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 $ 384,500 309,000 39,200 562,500 68,550 61,800 Inventories for the year were as follows: Materials Work-in-Process Pinished Goods January 1 $26.500 45,750 138,000 December 31 $ 42,250 40,600 76,650 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Cornelius Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials Beginning materials inventory $ 26,500 Materials purchases 562,500 Materials available 589,000 Less: Ending materials inventory (42,250) Materials used Direct labor Factory overhead Factory rent $ 384,500 Utilities for plant 39,200 Indirect materials 68,550 Indirect labor 61,800 $ 546,750 309,000 Total factory overhead Total manufacturing costs Add: Beginning work-in-process inventory Total manufacturing costs to account for Add: Beginning work-in-process inventory 554,050 1,409,800 45,700 Cost of goods sold Cost of goods available for sale Cost of goods sold