A distraught employee, Fang W. Arson, put a torch to manufacturing plant on a blustery February 26. The resulting blaze destroyed the plant and its contents. Fortunately, certain accounting records...

Extracted text: A distraught employee, Fang W. Arson, put a torch to manufacturing plant on a blustery February 26. The resulting blaze destroyed the plant and its contents. Fortunately, certain accounting records were kept in another building. They reveal the following for the period from January 1, 2017 to February 26, 2017. 6,00,000 Direct materials 26/2/2017 Revenues Indirect manufacturing costs 60 % of conversion costs 56,000 320,000 Work in process 1/1/2017 25% Finished goods 1/1/2017 34,000 40,000 Prime costs Gross margin percentage based on revenues 120,000 Direct materials 1/1/2017 4,60,000 Direct materials consumed 20,000 Cost of goods available for sale Required: Prepare the statement of cost of goods sold.