Company A manufactures stainless steel containers used by medical laboratories and other handling agencies.
biological hazards. Company A has provided you with the following data for the most recent operating year:

Initial balance in materials inventory $14,500
Initial balance in work-in-progress 28,700 Initial balance in
finished goods 8,700
Purchase of materials 86,950
Payments for direct labor 135,000
Factory overhead applied to products 67,750 Closing balance in materials inventory 14,250 Closing balance in work-in-progress 25,900 Closing balance in finished goods 10,800

Determine (a) cost of goods produced and (b) cost of goods sold for the most recent year.