The following cost and inventory data are taken from the accounting records of a Company for the year just completed:

Costs incurred:

Direct labor cost ................................................... $140,000 Purchases of raw materials .................................. $236,000 Manufacturing overhead ...................................... $160,000 Advertising expense ............................................. $180,000 Sales salaries ....................................................... $100,000 Depreciation, office equipment ............................ $6,000

Inventories: Beginning the Year End the Year Raw materials ............................ $14,000 $30,000 Work in process .......................... $20,000 $10,000 Finished goods ............................ $40,000 $70,000

Required: 1. Prepare the cost of goods sold section of Companys income statement for the year.