Given the following information, determine the cost of goods manufactured [COGM] and the cost of goods sold [COGS]. show formulas or T-accounts with applicable labels.

Direct Labor Incurred	$63,000
Manufacturing Overhead Incurred	179,500
Direct Materials Used	150,000
Finished Goods Inventory, 1/1/2015	197,500
Finished Goods Inventory, 12/31/2015	221,000
Work-in-Process Inventory, 1/1/2015	96,500
Work-in-Process Inventory, 12/31/2015	109,000