The following information was taken from Phillipa Company's accounting records for year ended December 31, 2020: the Increase in raw materials inventory $15.000 Decrease in finished goods inventory $35,000 Raw materials purchased $430,000 Direct manufacturing labor payroll $200,000 Factory overhead $300,000 Freight-out $45,000 There was no work in process inventory at the beginning or end of the year. Phillipa's 2020 cost of goods sold is $965,000 $995,000 $975,000 $950,000