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 Inventories for the year were as follows. $380,000 300,000 38,000 555,000 66,000 60,000 Materials Work-in-Process Finished Goods January 1 $ 25,000 45,000 135,000 December 31 $ 40,000 40,000 75,000 Direct materials Answer is not complete. 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-factory 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 $ 25,000 555,000 40,000 $ 540,000 300,000 380,000 38,000 66,000 60,000 544,000 844,000 45,000 889,000 40,000 849,000 Cost of goods sold Cost of goods manufactured 849,000 Beginning finished goods inventory 135,000 Materials available Less: Ending materials inventory aterials used Direct labor Factory overhead Factory rent Utilities factory Indirect materials Indirect labor Total factory overhead Total manufacturing costs Add: Beginning work-in-process inventory Total manufacturing costs to account for www.www 40,000 $ 540,000 300,000 $ 380,000 38,000 66,000 60,000 544,000 844,000 45,000 889,000 x 40.000 849,000 Less Ending work-in-process inventory Cost of goods manufactured Cost of goods sold Cost of goods manufactured 849,000 Beginning finished goods inventory 135,000 Cost of goods available for sale 984,000 Ending finished goods inventory 75,000 Cost of goods sold 909,000 >