Compute the Cost of Goods Sold for 2016 using the following information: Direct Materials, Jan. 1, 2016 Work-in-Process, Dec. 31, 2016 Direct Labor Finished Goods, Dec. 31, 2016 Finished Goods, Jan. 1, 2016 Manufacturing Overhead Direct Materials, Dec. 31, 2016 Work-in Process, Jan. 1, 2016 Purchases of Direct Material $43,000 67,500 51,500 111,000 137000 72,500 49,000 93,000 81,000 $250,500o $205,000 O $224,500o $252,50o