The following information is taken from the accounting records of Murphy Company for 2019: Direct (Raw) materials inventory, January 1 $ 25,000 Direct (Raw) materials inventory, December 31 22,000 25,000 Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished goods inventory, January 1 36,000 27,000 21,000 Finished goods inventory, December 31 Direct Materials purchases for the year 60,000 Direct labor 100,000 92,000 Factory overhead 300,000 Sales revenue Required: Calculate Cost of Goods Manufactured. (Make sure to show work so that partial credit can be given)