The following balances are from the accounts of Crabtree Machining Company: January 1 December 31 (Beginning) (Ending) $ 97,300 $ 109,400 Direct materials inventory Work-in-process inventory Finished goods inventory 109,100 42,400 105,900 44,600 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. CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 eginning work-in-process inventory Manufacturing costs Direct materials Purchases S 516,800 Materials available S 516,800 Less: Ending inventory 109,400 Direct materials used S 407,400 Total manufacturing costs Total costs of work-in-process 407,400 S 407,400 Cost of goods manufactured S 407,400 Finished goods available for sale S 407,400 Cost of goods sold S 407,400