XYZ Corporation is manufacturing handcraft gifts. The company is preparing the end of year income statement. Based on the following information for December 1. Calculate the cost of goods manufactured. (2 Marks) 2. Compute the cost of goods sold. (2 Marks) Cost of materials placed in production 1552500 Direct labor 607500 Factory overhead 765000 Work in process, December 1 337500 Work in process, December 31 438750 Finished goods inventory December 1 562500 Finished goods inventory, December 31 517500