The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company:

Work in process inventory: $0

Raw materials inventory: $28,000

Finished goods inventory: $40,000

Additional data:

1.Actual manufacturing overhead for January amounted to $62,000.

2.Total direct labor cost for January was $63,000.

3.The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the yearcalled for $250,000 of direct labor cost and $350,000 of manufacturing overhead costs.

4.The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,200(800 direct labor hours) and total direct material charges were $14,000. 5.Cost of direct materials placed in production during January totaled $123,000. There were no indirectmaterial requisitions during January.

6.January 31 balance in raw materials inventory was $35,000.

7.Finished goods inventory balance on January 31 was $34,500.

Calculate the cost of goods sold for January.