Q-1) Following inventory and cost data relate to a manufacturing company for 2017. Calculate the Cost of Goods Sold as at December 31, 2017. Item Raw materials January 1, 2017 December 31, 2017 8,800 7,000 Work in process 15,000 13,000 Finished goods 16,800 12,000 Raw materials purchase 98,700 Direct labor 42,800 Factory rent 8,000 Factory utilities 10,700 Indirect materials 6,000 Indirect labor Operating expenses 9,800 17,000