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, eee 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 78,850 555,750 321,000 Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials Beginning materials inventory $ 28,500 Materials purchases 572,500 Materials available Less: Ending materials inventory 45,250 Materials used $ Direct labor Factory overhead Factory rent $ 390,500 Utilities-factory 40,800 Indirect materials 71,950 Indirect labor 64,200 Factory rent X 390,500 % Total factory overhead Total manufacturing costs Add: Beginning work-in-process inventory Total manufacturing costs to account for Less: Ending work-in-process inventory Cost of goods manufactured $ 176,950 $ 1,070,450 46,750 41,400 78,850 X Cost of goods sold Cost of goods manufactured Beginning finished goods inventory Cost of goods available for sale Ending finished goods inventory Cost of goods sold >> 78,850 142,000 > 78,850 16,750 X $