Find the Unknown Information PART A

Just before class starts, you realize that you have mistakenly recycled the second page of your cost accounting homework assignment. Fortunately, you still have the first page of printout from your spreadsheet (shown below) and you remember that you were able to determine the items on the recycled page from this information.

Direct materials inventory, January 1	$ 2,490
Direct materials inventory, December 31	$ 2,228
Work-in-process inventory, January 1	$ 4,760
Work-in-process inventory, December 31	$ 6,170
Finished goods inventory, January 1	$ 23,220
Finished goods inventory, December 31	$ 25,220
Total manufacturing costs	$ 607,320
Direct labor	$ 262,400
Manufacturing overhead	$ 224,000
Average selling price per unit	$ 19
Gross margin percentage (as % of sales)	40 %

Find the cost of goods sold.