Wabash Products uses a job costing system and applies overhead based on direct labor cost. Last year, manufacturing overhead was expected to be $5.421.000 and direct labor cost was estimated to be $1,950,000 (43,800 direct-labor hours). Actual manufacturing overhead amounted to $5,510,000 and direct labor cost was $2,050,000 (44,400 direct-labor hours). Wabash allocates an over- or underapplied overhead to the three accounts-Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold-based on those account balances. At the end of the year, the total amount in the three accounts (Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold) was $7.50 million before any allocation. As a part of the process, you learn that Wabash allocated $162,540 to Cost of Goods Sold. Required: What will Wabash report as Cost of Goods Sold for the year? Cost of Goods Sold