Following are the Statement of Cost of Goods Manufactured columns and the Income Statement columns of the work sheet for Ranell Manufacturing Company for the year ended December 31. Ranell Manufacturing Company€™s beginning inventory of raw materials is $ 8,000; its beginning inventory of work- in- process is $ 38,400. Prepare a statement of cost of goodsmanufactured.

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MANUFACTURE DEBIT INCOME STATEMENT DEBIT ACCOUNT NAME Net Sales Raw Materials Purchases (net Direct Labor Indirect Labor Heat Light, and Powsr Miscellaneous Factory Costs Selling Expenses General Expenses Income Tax Expense Manufacturing Sunmary CREDIT CREDIT 360,000.00 64,000.00 160,000.00 3200.00 1,600.00 800.00 34,000.00 14,000.00 22,480.00 8,000.00 38,400.00 1200000 40,000.00 Income Summary Cost of Goods Manufactured Net Income 3200000 30,000.00 224,000.00 69.520.00 276,000.00 52,000.00 224,000.00 276,000.00 270,000.00 278,000.0032648000 38,000.00 396,000.00 306,000.00