The following balances appear on the accounts of Greusel Fabrication:

	March 1 (Beginning)	March 31 (Ending)
Direct materials inventory	$ 39,000	$ 44,000
Work-in-process inventory	65,000	69,200
Finished goods inventory	45,500	41,200

Direct materials used during the year amount to $528,000 and the cost of goods sold for the year was $1,466,000.

Required:

Prepare a cost of goods sold statement.