Question 2 (of 2 5.00 points The following balances are trom the accounts of Crabtree Machining Company Direct materials inventory Work in-process inventory Finished goods inventory $ 99,800 111,200 107,600 44,800 108,500 44,200 Direct materials purchased during the year amount to $517,600, and the cost of goods sold for the year was $1,870,000. Required: Prepare a cost of goods sold statement Cost of Goods Sold Statement r the Year work-in-process inventory 108,500 Manufacturing costs Direct materials S 99 Beginning Inventory Purchases 517,600 617,400 111,200 Materials available Direct materials used $506 200 Other manufacturing costs Total manufacturing costs 506.200 614,700 107,600 $ 507,100 44,200 551,300 otal costs of work-in-process Less Ending work-in-process Cost of goods manufactured Finished goods available for sale ess Ending inished goods inventory Cost of goods sold 44 8 5 506 500