Income computation for a manufacturing firm. Fun-in-the-Sun Tanning Lotion Company manufactures suntan lotion made from organic materials. During its first year of operations, it purchased raw materials costing $78,200, of which it used $56,300 in manufacturing suntan lotions. It incurred manufacturing labor costs of $36,100 and manufacturing overhead costs of $26,800 during the year. Inventories taken at the end of the year revealed unfinished suntan lotions costing $12,700 and finished suntan lotions costing $28,500. Compute the amount of cost of goods sold for the year.