Freeman Furnishings has summarized its data as shown: Depreciation of factory building Factory real estate taxes $117,500 $15,000 Factory utility expenses Indirect materials Indirect labor Direct labor cost $85,000 $32,000 $25,000 $86,000 Direct labor hours incurred 24,500 Estimated direct labor hours 25,000 Raw material purchased $340,000 Raw material, beginning inventory $20,000 < Raw material, ending inventory $30,000 Work in process, beginning inventory $49,000 Work in process, ending inventory Estimated overhead. $65,000 $287,500 Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours.