Problem 7-49 (Algo) Predetermined Rates, Prorate Over- or Underapplied Overhead (LO 7-3) Wabash Products uses a job costing system and applies overhead based on direct labor cost. Last year, manufacturing overhead was expected to be $3,276,000 and direct labor cost was estimated to be $1,300,000 (41,200 direct-labor hours). Actual manufacturing overhead amounted to $3,404,000 and direct labor cost was $1,400,000 (43,100 direct-labor hours). Wabash allocates an over-or underapplied overhead to the three accounts-Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold-based on those account balances. At the end of the year, the total amount in the three accounts (Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold) was $6.20 million before any allocation. As a part of the process, you learn that Wabash allocated $105,400 to Cost of Goods Sold. Required: What will Wabash report as Cost of Goods Sold for the year