The following information is from ABC Company's general ledger. Beginning and ending inventories, respectively, for raw materials were $9,500 and $11,500 and for work in process were $21,500 and $23,500. Raw material purchases and direct labor costs incurred were $37,500 each, and manufacturing overhead applied amounted to $21,500 Required: Prepare a statement of cost of goods manufactured for ABC Company. Note: Amounts to be deducted should be indicated by a minus sign