The following costs are attributed to the Quilt Company:

Purchase of raw materials (all direct)	$291,100
Direct labour cost	$141,800
Manufacturing overhead costs	$198,100
Inventories:
Beginning raw materials	$10,000
Ending raw materials	$900
Beginning work in process	$20,000
Ending work in process	$15,900
Beginning finished goods	$20,000
Ending finished goods	$6,800

Quilt Company used a 120% predetermined overhead rate based on direct labour cost (budgeted overhead cost).

6. Calculate the cost of goods sold based on the budgeted overhead cost.