1. Compute the Cost of Goods Sold for 2019 using the following information:

   Direct Materials, Jan. 1, 2019	$	42,000
   Work-in-Process, Dec. 31, 2019		66,500
   Direct Labor		50,500
   Finished Goods, Dec. 31, 2019		109,000
   Finished Goods, Jan. 1, 2019		134,000
   Manufacturing Overhead		71,500
   Direct Materials, Dec. 31, 2019		47,000
   Work-in Process, Jan. 1, 2019		91,000
   Purchases of Direct Material		79,000

   		$201,000
   		$247,500
   		$220,500
   		$245,500