Exercise 2-40 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The following balances appear on the accounts of Greusel Fabrication: March 1 (Beginning) March 31 (Ending) Direct materials inventory $ 41,000 $ 46,000 Work-in-process inventory 67,000 71,200 Finished goods inventory 47,500 43,200 Direct materials used during the year amount to $530,000 and the cost of goods sold for the year was $1,486,000. Required: Prepare a cost of goods sold statement.