Young Fashions Company produces children's clothing. During the current year, the company incurred the following costs: $ Factory Rent Direct labor used Factory utilities Direct materials purchases Indirect materials Indirect labor 144,000 525.000 120,000 850,000 106,000 90,000 Inventories for the year were: $ Direct materials Work in process Finished goods January 1 220,000 160,000 320,000 December 31 $ 155,000 128,000 310,000 Required: Prepare a statement of cost of goods manufactured