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 $ 390,500 321,000 40,800 572,500 71,950 64,200 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 28,500 46,750 142,000 December 31 $ 45,250 41,400 78,850 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 Materials available Materials used Materials used Factory overhead d Total factory overhead Total manufacturing costs tes Total manufacturing costs to account for Cost of goods sold Cost of goods available for sale Cost of goods sold