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Norm's Furniture Company manufactures custom furniture only and uses a job order costing system to accumulate costs. This year is the first year of business

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Norm's Furniture Company manufactures custom furniture only and uses a job order costing system to accumulate costs. This year is the first year of business for Norm's Furniture Company, so all beginning inventory amounts are $0. Actual direct materials and direct labor costs are accumulated for each job, but a predetermined overhead rate is used to apply manufacturing overhead costs to individual jobs. Manufacturing overhead is applied on the basis of direct labor hours. In computing a predetermined overhead rate, the controller estimated that manufacturing overhead costs for the year would be $200.000 and direct labor hours would be 25,000. The following summary information is available for the year. Note: This summary information represents cost data related to hundreds of different job orders started or completed during the year. Raw materials purchased during the year were $280,000. Raw materials used as direct materials in production during the year were $250,000. Wages paid to the furniture craftsmen during the year totaled $440,000 (22,000 hours). Wages paid to factory maintenance workers during the year totaled $65,000. Depreciation on machinery and equipment during the year was $100,000. Rent and utilities for the factory building during the year totaled $30,000. Raw materials used as indirect materials during the year were $10,000. Manufacturing overhead was applied to Work-in-Process Inventory using the predetermined overhead rate. Work-in-Process Inventory costing $800,000 was completed and transferred to Finished Goods Inventory Goods costing $779,000 were sold. AFTER the appropriate closing of any OVER-or UNDER-applied Manufacturing Overhead amount, what is the final amount of Cost of Goods Sold

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