Compute the Cost of Goods Sold for 2018 using the following information:

Direct Materials, Jan. 1, 2018 $43,000

Work-in-Process, Dec. 31, 201867,500

Direct Labor51,500

Finished Goods, Dec. 31, 2018111,000

Finished Goods, Jan. 1, 2018137,000

Manufacturing Overhead72,500

Direct Materials, Dec. 31, 201849,000

Work-in Process, Jan. 1, 201893,000

Purchases of Direct Material81,000