Jack Adams Company is a publicly reportable enterprise. at the beggining of the year, JAC did not have in inventory any completed units or work in progress. However it did have $20,000 in raw materials inventory. Extracts from the company's general ledger as at the December 31 year end follow

Admin Expense	$42,000
Depreciation of Office Building	16,000
Depreciation of Manufacturing Facility	22,000
Depreciation of Equipment	14, 000
Direct Labour	60,000
Executive Salaries	120,000
Plant Supplies	13,000
Property Taxes ( 30% for the office building, 70% for manufacturing facility )	8,000
Production manager's salary	75,000
Raw material inventory, December 31	30,000
Raw material purchase	140,000
Utilities expense ( 15% for office building, 85% for manufacturing facility )	40,000

At December 31, there was no work in process, but 15% of the units manufactured remained in ending finished goods inventory.

1. Calculate Cost of Goods Sold for the year.

2. Calculate value of finished goods inventory on December 31