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: Materials Work-in-Process Finished Goods Direct materials Materials available Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Materials used January 1 $ 25,000 45,000 135,000 Factory overhead $ 380,000 300,000 38,000 555,000 66,000 60,000 December 31 $ 40,000 40,000 75,000 Cornelius Company Statement of Cost of Goods Manufactured For the Year Ended December 31

Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Inventories for the year were as follows: Required: 1\&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold