Compute the Cost of Goods Sold for 2016 using the following information: Direct Materials, Jan. 1, 2016 $ 47,000 Work-in-Process, Dec. 31, 2016 71,500 Direct Labor 55,500 Finished Goods, Dec. 31, 2016 119,000 Finished Goods, Jan. 1, 2016 149,000 Manufacturing Overhead 76,500 Direct Materials, Dec. 31, 2016 57,000 Work-in Process, Jan. 1, 2016 101,000 Purchases of Direct Material 89,000