Following inventory and cost data relate to a manufacturing company for 2017. Calculate the Cost of Goods Sold as at December 31, 2017.

Item January 1, 2017 December 31, 2017

Raw materials 8,700 7,000

Work in process 15,000 13,600

Finished goods 16,800 12,000

Raw materials purchase 98,400

Direct labor 42,700

Factory rent 8,000

Factory utilities 10,400

Indirect materials 6,600

Indirect labor 9,800

Operating expenses 17,000