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: $ 381,500 303,000 38,400 557,500 66,850 60,600 Materials Work-in-Process Finished Goods Required: January 1 $ 25,500 45,250 136,000 December 31 $ 40,750 40,200 75,550 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 Factory overhead Total factory overhead Total manufacturing costs Total manufacturing costs to account for 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