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: $ 401,000 342,000 43,600 590,000 77,900 68,400 Materials Work-in-Process Finished Goods January 1 $ 32,000 December 31 48,500 149,000 $ 50,500 42,800 82,700 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 Beginning materials inventory Materials purchases Materials available Materials used Factory overhead Factory rent