Direct materials inventory Work-in-process inventory Finished goods inventory (Beginning) (Ending) $ 97,600 $ 112,000 109,200 44,700 107,600 44,800 Direct materials purchased during the year amount to $517,000, and the cost of goods sold for the year was $1,860,000. Required: Prepare a cost of goods sold statement. CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory $ 109,200 Manufacturing costs: Direct materials: Beginning inventory Purchases Materials available Less: Ending inventory Direct materials used Other manufacturing costs Total manufacturing costs $ 97,600 517,000 $ 614,600 112,000 $ 502,600 502,600 Total costs of work-in-process Less: Ending work-in-process Cost of goods manufactured Beginning finished goods inventory $ 611,800 $ 611,800 Finished goods available for sale $ 611,800 Less: Ending finished goods inventory Cost of goods sold $ 611,800