The following balances are from the accounts of Crabtree Machining Company:

	January 1 (Beginning)			December 31 (Ending)
Direct materials inventory	$	98,000		$	109,500
Work-in-process inventory		109,500			107,900
Finished goods inventory		45,100			45,100

Direct materials purchased during the year amount to $517,900, and the cost of goods sold for the year was $1,885,000.

Required:

Prepare a cost of goods sold statement.