Given the following information, determine the cost of goods sold.

Direct Labor Incurred: $61,000

Manufactoring Overhead Incurred: $177,000

Direct Materials Used: $155,000

Finished Goods Inventory Jan 1: $198,000

Finished Goods Inventory Dec 31: $97,500

Work-in-process Inventory Jan 1: $221,500

Work-in-process Inventory Jan 3: $109,000

Can you please provide step by step on solving the problem?