Question - Company began operations in 2016. It manufactured a single product and sold 8,000 units for $160 each. The following information is for 2016:
Units produced 9,200
Direct materials purchased $524,348
Direct materials used $505,448
Direct labor costs $235,428
Overhead costs $118,956
Selling and admin costs $146,004
There was no beginning balance in any inventory account. There was no closing balance in the Work in Process inventory account. What was Cost of Goods Sold for the year?