Cornelius Company produces womens clothing. During the year, the company incurred the following costs: Factory rent $ 402,500 Direct labor 345,000 Utilitiesfactory 44,000 Purchases of direct materials 592,500 Indirect materials 78,750 Indirect labor 69,000 Inventories for the year were as follows: January 1 December 31 Materials $ 32,500 $ 51,250 Work-in-Process 48,750 43,000 Finished Goods 150,000 83,250 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold