Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Cornelius Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials Materials available Materials used Factory overhead Total factory overhead Total manufacturing costs Total manufacturing costs to account for Cost of goods sold Cost of goods available for sale Cost of goods sold Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 386,000 312,000 39,600 565,000 69,400 62,400 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 27,000 46,000 139,000 December 31 $ 43,000 40, 800 77,200