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

	January 1 (Beginning)			December 31 (Ending)
Direct materials inventory	$	96,000		$	118,000
Work-in-process inventory		116,000			112,000
Finished goods inventory		97,600			90,000

Direct materials purchased during the year amount to $598,000, and the manufacturing costs other than direct materials for the year were $1,584,800.

Required:

Prepare a cost of goods sold statement.