2. The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company:

Work-in-process inventory

$0

Raw materials inventory

$28,000

Finished goods inventory

$40,000

Additional data:

1) Actual manufacturing overhead for January amounted to $62,000.

2) Total direct labor cost for January was $63,000.

3) The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $250,000 of direct labor cost and $350,000 of manufacturing overhead costs.

4) The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,200 (800 direct labor hours) and total direct material charges were $14,000.

5) Cost of direct materials placed in production during January totaled $123,000. There were no indirect material requisitions during January.

6) January 31 balance in raw materials inventory was $35,000.

7) Finished goods inventory balance on January 31 was $34,500.

What is the cost of goods manufactured for January? Show your work for full credit.