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.

Cornelius Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31
Direct materials
Materials available
Materials used
Factory overhead
Total factory overhead
Total manufacturing costs
Total manufacturing costs to account for
Cost of goods sold
Cost of goods available for sale
Cost of goods sold