Reference no: EM132530141

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

Factory rent                                 $408,500

Direct labor                                   357,000

Utilities-factory                              45,600

Purchases of direct materials          602,500

Indirect materials                           82,150

Indirect labor                                 71,400

Inventories for the year were as follows:

                                       January       1 December 31

Materials              $34,500                 $54,250

Work-in-Process      49,750                  43,800

Finished Goods       154,000                    85,450

Question 1: Make a statement of cost of goods manufactured and calculate cost of goods sold.