Cornelius 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 $ 408,500 357,000 45,600 602,500 82,150 71,400 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 34,500 49,750 154,000 December 31 $ 54,250 43,800 85,450 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. For the Year Ended December 31 Direct materials Materials available Materials used Factory overhead Total factory overhead Total manufacturing costs Total manufacturing costs to account for Cost of goods sold Cost of goods available for sale Cost of goods sold