With the following transactions, determine the Cost of Good Sold for a Manufacturing plant.

A $7000 loan was obtained and deposited in cash.

Another loan was obtained for the purchase of new equipment for the amount of 8426 with 5 years of life.

The equipment is depreciated for the first year.

Direct Labor is paid for the amount of 694.

Packaging employees are paid for 1080.

200 materials were invoiced at 4 each for the inventory.

150 materials were used in production.

The 150 units were sold at $4.00 each and they are invoiced.

Sales and distribution expenses for $1000 were paid.