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 $ 405,500 351,000 44,800 597,500 80,450 70,200 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 33,500 49,250 152,000 December 31 $ 52,750 43,400 84,350 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Direct materials Cornelius Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Beginning materials inventory Materials purchases Materials available Less: Ending materials inventory Materials used Direct labor Factory overhead Factory rent Utilities for plant Indirect materials Indirect labor Total factory overhead Total manufacturing costs Add: Beginning work-in-process inventory Total manufacturing costs to account for Less: Ending work-in-process inventory Cost of goods manufactured Cost of goods sold Cost of goods manufactured Beginning finished goods inventory Cost of goods available for sale Ending finished goods inventory Cost of goods sold $ 33,500 597,500