DEF Company uses cash-basis accounting for its records. During Y1, DEF collected $700,000 from its customers, made payments of $240,000 to its suppliers for inventory, and paid $186,000 for operating costs. DEF wants to prepare accrual basis financial statements. In gathering information for the accrual-basis financial statements, DEF discovered the following: Customers owed DEF $64,000 at the beginning of Y1 and $47,200 at the end of Y1. -DEF owed its inventory suppliers $24,000 at the beginning of Y1 and $37,200 at the end of Y1. DEF's beginning inventory balance was $56,400, and its ending inventory balance was $51,600. DEF had prepaid rent and insurance expense balance of $5,500 at the beginning of Y1 and $9,200 at the end of Y1. DEF had an accrued payroll expense balance of $14,000 at the beginning of Y1 and $23,000 at the end of Y1. Depreciation expense for Y1 was $67,000. Required: Determine accrual-basis COGS, assuming the accrual basis of accounting is used