With the following transactions determine the Cost of Goods Sold for a manufacturing plant 1. A loan of $ 7,000 for cash is obtained. 2. A loan is obtained for the purchase of an equipment of 8,019 with 5 years of life. 3. The equipment is depreciated for one year. 4. 349 is paid in direct labor. 5. 772 is paid in packing clerks, 6. 200 pieces of materials are invoiced for production at 1 7. 150 pieces of production materials are used. 8. 150 pieces are sold at $ 4.00 each and the customer is billed. 9. It is paid in sales and distribution expenses of $ 1000.