Sinjay Corporation incurred the following costs while manufacturing its product:

Materials used in product		$120,000		Advertising expense		$45,000
Depreciation on factory		60,000		Property taxes on factory		19,000
Property taxes on warehouse		7,500		Delivery expense		21,000
Labour costs of assembly-line workers		110,000		Sales commissions		35,000
Factory supplies used		25,000		Salaries paid to sales clerks		50,000

Work in process inventory was $10,000 at January 1 and $14,000 at December 31. Finished goods inventory was $60,000 at January 1 and $50,600 at December 31.

Complete the following tasks:

1. Calculate the cost of goods manufactured.
2. Calculate the cost of goods sold.