Cornelius Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials Beginning materials inventory Materials purchases Materials available Less: Ending materials inventory Materials used Cost of goods manufactured Factory overhead Factory rent Utilities for plant Indirect materials Indirect labor 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 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 $ 395,000 330,000 42,000 580,000 74,500 66,000 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 30,000 47,500 145,000 December 31 $ 47,500 42,000 80,500 Required: 182. Prepare a statement of cost of goods manufactured and calculate cost of goods sold