Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $692,300, and management budgeted $342,500 of direct labor costs. During the year, the company incurred the following actual costs. Direct materials used $396,300 Direct labor $319,800 Factory overhead $683,300 The January 1 balances of inventory accounts are shown below. Materials - all direct $74,200 Work in process $43,000 Finished goods $27,300 The December 31 balances of these inventory accounts were eleven percent lower. The normal cost of goods sold, before under or overapplied overhead is: