TechInnovations Ltd. has provided the following details:

Item	Amount
Direct Materials	$45,000
Direct Labor	$35,000
Factory Overhead	$25,000
Work in Progress (Beginning)	$10,000
Work in Progress (Ending)	$12,000
Finished Goods (Beginning)	$12,000
Finished Goods (Ending)	$15,000

Requirement: Calculate the cost of goods manufactured and the cost of goods sold for TechInnovations Ltd. Also, prepare the cost of goods sold statement and calculate the gross profit if sales were $280,000.