The following balances are from the accounts of Crabtree Machining Company January 1 December 31 (Beginning) (Ending) Direct materials inventory Work-in-process inventory Finished goods inventory $ 97,300 $ 109,400 105,900 44,600 109,100 42,400 Direct materials purchased during the year amount to $516,800, and the cost of goods sold for the year was $1,875,000 Required Prepare a cost of goods sold statement. CRAB TREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Manufacturing costs Direct materials Materials available Direct materials used Total manufacturing costs Total costs of work-in-process 0 Cost of goods manufactured Finished goods available for sale Cost of goods sold