The transactions below pertain to KoolFix Inc. which manufactures residential heating systems. The company has just been established and hence had no opening inventories.

Purchased $$35,000$ in raw materials on credit.

Requisitioned $$22,000$ in materials for production. $10\%$ were indirect materials, the rest were direct materials.

Liabilities amounting to $$52,000$ were recorded for miscellaneous overhead costs.

At the end of the month, the liability for total salaries and wages amounted to $$120,000.$ Of this amount, $60\%$ were direct labour and the rest was indirect labour. All jobs in process were completed in the month and shipped out to customers.

Close out the over$-$or under$-$applied overhead account appropriately.

Required: Calculate the Cost of Goods Sold for the period.