Cornelius Company produces women's clothing. During the year, the company incurred the following costs: $ 381,500 Factory rent Direct labor 303,000 38,400 Utilities-factory 557,500 66,850 60,600 Purchases of direct materials Indirect materials Indirect labor Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 25,500 45,250 136,000 December 31 $ 40,750 40,200 75,550 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold.