The following information is from ABC Company's general ledger: Beginning and ending inventories, respectively, for raw materials were $8,500 and $10,500 and for work in process were $20,500 and $22,500. Raw materlal purchases and direct labor costs incurred were $36,500 each, and manufacturing overhead applied amounted to $20,500. Required: Prepare a statement of cost of goods manufactured for ABC Company. Note: Amounts to be deducted should be indicated by a minus sign