The following data pertain to the Northwest Co.:

Materials inventory, 1/1/19 $20,000

Materials inventory, 12/31/19 30,000

Materials purchases 140,000

Work in process inventory, 1/1/19 40,000

Work in process inventory, 12/31/19 34,500

Direct labor 162,000

Manufacturing overhead 143,000

Finished goods inventory, 1/1/19 90,000

Finished goods inventory, 12/31/19 74,000

Cost of goods sold should be: