Gore Company makes products for sporting events. The following data are for the year ended December 31: Materials inventory, January 1 $ 45,000 Materials inventory, December 31 65,000 Materials purchases 175,000 Direct labor 225,000 Work in process inventory, January 1 30,000 Work in process inventory, December 31 40,000 Manufacturing overhead 130,000 Indirect Materials Used 2,000 Finished goods inventory, January 1 80,000 Finished goods inventory, December 31 140,000 Prepare a cost of Goods Manufactured Statement and compute the cost of Goods Gore Company Cost of Goods Manufactured Statement For Year Ended December 31 45,000 175,000 irect Materials Used: eginning Raw Materials Inventory lus: Raw Materials Purchases ess: Ending Raw Materials Inventory aw Materials Used ess: Indirect Materials Used 225,000 Direct Materials Used Direct Labor Manufacturing Overhead Stal Manufacturing Cost Flus: Beginning Work in Process Inventory ess: Ending Work in Process Inventory OST OF GOODS MANUFACTURED 30,000 Gore Company Cost of Goods Sold For Year Ended December 31 80,000 Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured ess: Ending Finished Goods Inventory COST OF GOODS SOLD