The following balances are from the accounts of Crabtree Machining Company: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) (Ending) December 31 $ 98,200 $ 111,000 108,300 44,600 107,400 45,800 Direct materials purchased during the year amount to $517,700, and the cost of goods sold for the year was $1,855,000 Required: Prepare a cost of goods sold statement. CRABTREE MACHINING COMPANY Manufacturing costs: Direct materials: Cost of Goods Sold Statement For the Year Ended December 31 Materials available Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Finished goods available for sale Cost of goods sold 13