Direct materials inventory Work-in-process inventory Finished goods inventory March 1 (Beginning) $ 40,000 66,000 46,500 March 31 (Ending) $ 45,000 70,200 42,200 Direct materials used during the year amount to $529,000 and the cost of goods sold for the year was $1,476,000. Required: Prepare a cost of goods sold statement. GREUSEL FABRICATION Cost of Goods Sold Statement For the Month Ended March 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory Purchases $ 40,000 534,000 Materials available $ 574,000 Less: Ending inventory 45,000 Direct materials used $ 529,000 Other manufacturing costs Total manufacturing costs Total costs of work-in-process Less: Ending work-in-process Cost of goods manufactured Beginning finished goods inventory Finished goods available for sale Less: Ending finished goods inventory Cost of goods sold,