COST OF GOODS MANUFACTURED A ID SOLD STATEMENTS AND NET INCOME OR LOSS The Blackwell Clock Company manufactures many types of clocks. They have just completed production for the current year. The sales for the year were $945,000 and inventories were as follows: Direct materials for the period cost $176,000, direct labor cost $250,000, and factory overhead cost $237,500. Selling expenses were $55,000 and general and administrative expenses were $117,000. Required: a Prepare the following statements: 1 Cost of goods manufactured 2 Cost of goods sold b Compute the net income or loss