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) 97500 125000 Work in process December 31 Finished goods inventory, December 1 Finished goods inventory, December 31 Cost of materials placed in production Direct labor 115000 345000 135000 Factory overhead 170000 Work in process December 1 75000 Paragraph BI