The following information is available for Shanika Company for 2016: 1/1/2016 Materials Inventory 12/31/2016 Materials Inventory 1/1/2016 Work in Process Inventory 12/31/2016 Work in Process Inventory 1/1/2016 Finished Goods Inventory 12/31/2016 Finished Goods Inventory 70,000 75,000 100,000 95,000 120,000 105,000 Purchases (Materials purchased in 2016) 420,000 Direct Labor 84,000 Factory Overhead. 56,000 What is Cost of Goods Sold for 2016? (if you want partial credit show your work!)