Given the following information, determine the cost of goods manufactured and the cost of goods sold for the year ended December 31, 20X9.
- Direct labor incurred $126,000
- Manufacturing overhead incurred 359,000
- Direct materials used 271,000
- Finished goods inventory, 1/1/20X9 395,000
- Finished goods inventory, 12/31/20X9 442,000
- Work in process inventory, 1/1/20X9 193,000
- Work in process inventory, 12/31/20X9 218,000