To simplify the COGM statement, think of it as four formulas; the fifth is the calculation of COGS on the income statement. Using the data, calculate the following items on the COGM statement: 1. DIRECT MATERIALS COST = 2. TOTAL MFG COST INCURRED TOTAL MANUFACTURING COST = COGM/COGS Data: RAW MATERIALS WORK IN PROCESS FINISHED GOODS 1/1/20 45,000 60,000 70,000 12/31/20 70,000 54,000 44,000 4. COST OF GOODS MANUFACTURED = 5. COST OF GOODS SOLD = RAW MATERIALS PURCHASES DIRECT LABOR COST FACTORY OVERHEAD COST 120,000 180,000 170,000