Calculate the cost of goods sold using the following information: (Recommend you use T accounts to help you arrive at the correct answer.) Direct Materials $ 298,500 Direct Labor 132,000 Factory Overhead 264,000 General and Administrative exp. 85,500 48,800 Selling expenses Work in process, Jan 1 118,500 Work in process, Dec 31 125,900 Finished Goods inventory, Jan 1 232,100 Finished Goods inventory, Dec 31 238,700