Sandor Manufacturing Inc.'s accounting records reflect the following inventories:
|
Dec. 31, 2013 |
Dec. 31, 2014 |
| Raw materials inventory |
$110,000 |
$ 90,000 |
| Work in process inventory |
156,000 |
174,000 |
| Finished goods inventory |
138,000 |
150,000 |
During 2014, Sandor purchased $1,440,000 of raw materials, incurred direct labor costs of $300,000, and incurred manufacturing overhead totaling $84,000.
Assume Sandor Manufacturing's cost of goods manufactured for 2014 amounted to $1,740,000. How much would it report as cost of goods sold for the year?