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

Factory rent	$ 386,000
Direct labor	312,000
Utilitiesfactory	39,600
Purchases of direct materials	565,000
Indirect materials	69,400
Indirect labor	62,400

Inventories for the year were as follows:

	January 1	December 31
Materials	$ 27,000	$ 43,000
Work-in-Process	46,000	40,800
Finished Goods	139,000	77,200

Required:

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