Micol Co. Ltd's accounting records reflect the following inventories:

June 30, 2019 June 30, 2020

Raw materials inventory $120,000 $ 96,000

Work in process inventory 156,000 174,000

Finished goods inventory 150,000 138,000

During the year, Micol purchased $980,000 of raw materials, incurred direct labour costs of

$175,000, and incurred manufacturing overhead totalling $224,000. How much would Micol Co.

Ltd report as cost of goods manufactured for the year ending June 30, 2020? Show your working.