The following balances are from the accounts of Todd Machining Company:
January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 96,000 $ 118,000 Work-in-process inventory 116,000 112,000 Finished goods inventory 97,600 90,000
Direct materials purchased during the year amount to $598,000, and the manufacturing costs other than direct materials for the year were $1,584,800.
Required: Prepare a cost of goods sold statement.
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