Work needs to be shown

Shafrath Co. had the following inventory balances at 1/1/20:

Direct Materials$150,000

Work in Process120,000

Finished Goods84,000

During 2020, the production and selling activities of Shafrath are summarized as follows:

Direct materials purchased$500,000

Direct labor incurred800,000

Factory overhead1,200,000

Sales3,850,000

At 12/31/20, the inventory balances were:

Direct Materials$100,000

Work in Process160,000

Finished Goods50,000

(1) [3 pts.] Cost of materials used = $ ________________

(2) [5 pts.] Cost of goods manufactured = $ ________________

(3) [3 pts.] Cost of goods sold = $ __________________