Using the following data pertaining to the Best Co., compute Cost of Goods Sold: (EXCEL Steps)

Materials inventory, 1/1/19................................ $ 54,000

Materials inventory, 12/31/19........................... $ 40,500

Materials purchases................................................ $ 81,500

Work in process inventory, 1/1/19................... $ 28,500

Work in process inventory, 12/31/19............. $ 40,500

Direct labor................................................................ $ 34,000

Manufacturing overhead..................................... $ 52,000

Finished goods inventory, 1/1/19.................... $ 39,500

Finished goods inventory, 12/31/19............... $ 11,000