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 January 1 $ 26,500 45,750 138,000 Materials available $ 384,500 309,000 39,200 562,500 68,550 61,800 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. December 31 $ 42,250 40,600 76,650 Cornelius Company Statement of Cost of Goods Manufactured For the Year Ended December 31 BE

Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Inventories for the year were as follows: Required: 182. Prepare a statement of cost of goods manufactured and calculate cost of goods sold