The following balances appear on the accounts of Greusel Fabrication: Direct materials inventory Work-in-process inventory Finished goods inventory March 1 (Beginning) $ 40,000 66,000 46,500 March 31 (Ending) $ 45,000 70,200 42,200 Direct materials used during the month amount to $529,000 and the cost of goods sold for the month was $1,476,000. Required: Prepare a cost of goods sold statement. GREUSEL FABRICATION Cost of Goods Sold Statement For the Month Ended March 31 Beginning work-in-process inventory $ 66,000 Manufacturing costs: Direct materials: Beginning inventory Purchases Materials available Less: Ending inventory Direct materials used Other manufacturing costs Total manufacturing costs Total costs of work-in-process Less: Ending work-in-process Cost of goods manufactured Beginning finished goods inventory Finished goods available for sale Less: Ending finished goods inventory Cost of goods sold $ 40,000