12An entity had the following opening and closing inventory balances during the current year: 1/1 12/31 Finished goods $90,000 $260,000 Raw materials 105,000 130,000 175,000 Work-in-progress 220,000 The following transactions and events occurred during the current year: $300,000 of raw materials were purchased, of which $20,000 were returned because of defects. $600,000 of direct labor costs were incurred. $750,000 of production overhead costs were incurred. The cost of goods sold for the current year ended December 31 would be