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 $ 383,000 306,000 38,800 560,000 67,700 61,200 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 26,000 45,500 137,000 December 31 $ 41,500 40,400 76,100 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. 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 $ 383,620 396, ege 38,888 560.000 67, 720 61,220 Inventories for the year were as follows: Materials Work-in-process Finished Goods January 1 $ 26,020 45,520 137.000 December 31 $ 41,580 40,400 76,120 Required: 182. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Answer is not complete. lolo Cornellus Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials Beginning materials inventory S 26,000 Materials purchases 560,000 Materials available 588,000 Less Ending materials inventory ls (41,500) Materials used Direct labor Factory overhead Factory rent is 383,000 Utilities for plant 38,800 Indirect materials 67,700 Indirect labor 61,200 S 544,500 306,000 OOOO OOOO . Total factory overhead Total manufacturing costs Add: Beginning work in process inventory Total manufacturing costs to account for Add: Ending materials inventory Beginning finished goods inventory 550,700 1,400,400 45,500 (40,400) X 1,405,500 137.000 x X x S Cast of goods sold Ending finished goods inventory $ (76,100) Cost of goods available for sale Cast of goods sold 1,466,400 X