Final Exam-Atemthe CGM; CGS Irresistible Art produces collectible pieces of art. The company's Raw Material Inventory account includes the costs of both direct and indirect materials. Account balances for the company at the beginning and end of July follow: July 1 July 31 Raw Material Inventory $167,760 $125,280 Work in Process Inventory 263,520 216,000 Finished Goods Inventory 129,600 188,640 During the month, the company purchased $1,180,800 of raw material; direct material used during the period amounted to $907,200. Factory payroll costs for July were $1,418,400, of which 75 percent was related to direct labor. Overhead charges for depreciation, insurance, utilities, and maintenance totaled $1,080,000 for July. a. Prepare a schedule of cost of goods manufactured. Note: Do not use negatives signs with your answers.