Direct Materials, January 1 Direct Materials, December 31 Work-in-Process Inventory, January 1 Work-in-Process Inventory, December 31 $$$$5,0007,00012,00016,000 Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 $$8,0006,000 Direct Materials Purchased, including Freight In Direct Labor Manufacturing Overhead $$$25,00036,00017,000 INSTRUCTIONS: 1) Using the information from above, start by preparing the schedule of cost of goods manufactured. ABC Manufacturing Company Schedule of Cost of Goods Manufactured Month Ended July 31, 2021 2) Now prepare the schedule of cost of goods sold. ABC Manufacturing Company Schedule of Cost of Goods Sold Month Ended July 31, 2021 Beginning Finished Goods Inventory Cost of Goods Manufactured Cost of Goods Available for Sale Ending Finished Goods Inventory Cost of Goods Sold