Pac Incorporated uses a job-order costing system and its total manufacturing overhead applied always equals its total manufacturing overhead. In May the company completed job 107W that consisted of 20,000 units of one of the company's standard products. No other jobs were in process, completed, or sold during the month. The job cost sheet for job 107W shows that the total cost for the job was $1,054,000. During the month, 7,000 completed units from job 107W were sold. Required: Determine the cost of goods sold that would appear on the income statement for May