The following balances appear on the accounts of Greusel Fabrication:

March $1($Beginning$)$ March $31($Ending$)$

Direct materials inventory $ $41,000$ $ $46,000$

Work$-$in$-$process inventory $67,00071,200$

Finished goods inventory $47,50043,200$

Direct materials used during the month amount to $$530,000$ and the cost of goods sold for the month was $$1,486,000.$

Required:

Prepare a cost of goods sold statement.