Freeman Furnishings has summarized its data as shown: Depreciation of factory building Factory real estate taxes $72,000 $15,000 Factory utility expenses Indirect materials Indirect labor Direct labor cost $85,000 $32,000 $25,000 $83,000 Direct labor hours incurred 21,500 Estimated direct labor hours 22,000 Raw material purchased $350,000 Raw material, beginning inventory $30,000 Raw material, ending inventory $30,000 Work in process, beginning inventory $53,000 Work in process, ending inventory Estimated overhead $65,000 $242,000 Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours. 625,500 X