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Cornelius Company produces women's clothing

Finance

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Cornelius Company produces women's clothing. During the year, the company incurred the following costs:

Factory rent $ 390,500 

Direct labor  321,000 

Utilities—factory  40,800 

Purchases of direct materials  572,500 

Indirect materials  71,950 

Indirect labor  64,200 

Inventories for the year were as follows:

January 1 December 31

Materials $28,500  $45,250 

Work-in-Process  46,750   41,400 

Finished Goods  142,000   78,850 

Required:

1&2) a statement of cost of goods manufactured and calculate cost of goods sold.