Cost of Goods Manufactured and Sold Allure Company produces women's clothing. During 2004, the company incurred the following costs: Factory rent Direct labor Utilities-Factory Purchases of direct materials Indirect materials Indirect labors 265,000 325,000 88,000 465,000 70,000 35,000 Inventories for the year were as follows: January 1 December 31 Direct materials 90,000 50,000 Work in process 40,000 85,000 Finished goods 115,000 95,000 Required 1. Prepare a statement of cost of goods manufactured 2. Calculate cost of goods sold