Calculate the cost of goods manufactured for Johnson & Johnson for the fiscal year 2023 using the following information:
•Beginning raw materials inventory: $20,000
•Purchases of raw materials: $100,000
•Ending raw materials inventory: $15,000
•Direct labor: $50,000
•Manufacturing overhead: $30,000
•Beginning work in process inventory: $10,000
•Ending work in process inventory: $8,000