Cornelius Company produces womens clothing. During the year, the company incurred the following costs:

Factory rent	$ 390,500
Direct labor	321,000
Utilitiesfactory	40,800
Purchases of direct materials	572,500
Indirect materials	71,950
Indirect labor	64,200

Inventories for the year were as follows:

	January 1	December 31
Materials	$ 28,500	$ 45,250
Work-in-Process	46,750	41,400
Finished Goods	142,000	78,850

Required:

1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold.