The following data were taken from the cost records of Cummins Company for 2011:

Depreciation, factory $60,000*

Indirect labor 100,000*

Utilities, factory 40,000*

Insurance, factory 10,000*

Lubricants for machines 15,000*

Direct labor 200,000

Purchases of raw materials 150,000

*Considered overhead

Inventories at the beginning and at the end of the year were as follows:

January 1 December 31

Raw materials $10,000 $20,000

Work in process $25,000 $ 5,000

Finished goods $30,000 $50,000

Required:

Using the inventory cost flow matrix, calculate the Cost of Goods Manufactured that was transferred into Finished Goods in 2011, as well as Cummins Cost of Goods Sold for 2011.