J. Correa is President of the Correa Corporation, a manufacturer of plastics located in the Research Triangle Park. She has provided the following account balances (in millions): Beginning Direct Materials $ 15 Direct Materials Used 320 Ending Direct Materials 20 Depreciation - Factory and offices 100 Ending Accounts Receivable 28 Direct Labor 110 Beginning Finished Goods 70 Factory Supervisory Salaries 5 Miscellaneous Factory Overhead 35 Beginning Accounts Payable 13 Sales 650 Sales Commissions 10 Ending Finished Goods 55 President's Salary 40 Ending Accounts Payable 19 Beginning Work-in-Process 10 Factory Supplies Used 10 Beginning Accounts Receivable 84 Factory Utilities 30 Indirect Labor Ending Work-in-Process 15 Administrative Costs 40 60 (Note: Depreciation is 80% Factory and 20% Administrative offices). {Note: Depreciation is 80% Factory and 20% Administrative offices} REQUIREMENTS: (1) What is the purpose of the cost accumulation system? (2) Prepare a Schedules of Cost of Goods Manufactured and sold.