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

Factory rent	$ 381,500
Direct labor	303,000
Utilitiesfactory	38,400
Purchases of direct materials	557,500
Indirect materials	66,850
Indirect labor	60,600

Inventories for the year were as follows:

	January 1	December 31
Materials	$ 25,500	$ 40,750
Work-in-Process	45,250	40,200
Finished Goods	136,000	75,550

Required:

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