Adding Company applies overhead costs to products based

on a pre$-$determined overhead rate of $80\%$ of direct labor

cost$.$ During July, Adding Company reported the following

inventory balances:

July $1$ July $31$

Direct materials $$37,000$ $$81,000$

Work in process $$54,000$ $$26,000$

Finished goods $$42,000$ $$69,000$

During July, Adding Company incurred the following costs:

Advertising $............................$ $ $46,000$

Depreciation, factory equipment $........$ $ $21,000$

Direct materials purchased $.............$ $$297,000$

Production supervisor's salary $.........$ $ $73,000$

Indirect materials $.....................$ $ $35,000$

Sales commissions $......................$ $ $89,000$

CEO's salary $...........................$ $$306,000$

Insurance, factory building............. $ $29,000$

Direct labor $...........................$ $$285,000$

Factory utilities $......................$ $ $37,000$

Depreciation, copier in sales office $...$ $ $22,000$

Rent $...................................$ $ $60,000$

Forty$-$five percent of the rent relates to the factory

while fifty$-$five percent of the rent relates to the

administrative building.

Calculate Adding Company's cost of goods sold for July

after the overhead variance has been closed.