Portland Manufacturing had the following data for the period just ended:

Work in process, January 1 $ 28,500

Work in process, December 31 42,000

Finished goods, January 1 88,000

Finished goods, December 31 70,000

Direct materials used 137,000

Direct labor 335,000

Factory depreciation 77,000

Sales 985,000

Advertising expense 67,000

Factory utilities 33,500

Indirect materials 32,000

Indirect labor 47,000

Required: Calculate Portlands cost of goods manufactured. Calculate Portlands cost of goods sold.