1. X Company had the following inventory balances at the beginning and end of 20x1. Inventory Classification January 1, 20x1 December 31, 20x1 Raw material $55,000 $75,000 Work in process 110,000 125,000 Finished goods 160,000 155,000 During 20x1, the company purchased $240,000 of raw material and spent $420,000 for direct labor. Manufacturing overhead costs were as follows: Indirect material $12,000 Indirect labor 22,000 Depreciation on plant and equipment 110,000 Utilities 23,000 Other 35,000 Sales revenue was $1,210,000 for the year. Selling and administrative expenses for the year amounted to $105,000. The firm's tax rate is 35 percent. What is the cost of goods manufactured