Cost of Goods Sold, Income Statement Ellerson Company provided the following information for the last calendar year: Beginning inventory: Direct materials $68,000 Work in process 29,400 Finished goods 43,200 Ending inventory: Direct materials $70,400 Work in process Finished goods 40,000 42,100 During the year, direct materials purchases amounted to $278,000, direct labor cost was $189,000, and overhead cost was $523,000. During the year, 100,000 units were completed Last calendar year, Ellerson recognized revenue of $1,312,000 and had selling and administrative expenses of $204,600. Required: 1. What is the cost of goods sold for last year? Fenback