Golden Rooster Company manufactures one product. You have obtained the following information for the year ended December 31, 2016, from the corporation's books and records:
1) Total current manufacturing costs were $1,000,000
2) The 2016 cost of goods manufactured was $970,000
3) Current factory overhead costs were 75 percent of current direct labor costs and 27 percent of total current manufacturing costs.
4) Beginning work in process, January 1, was 80 percent of ending work in process, December 31.
Prepare a formal statement of Cost of Goods Manufactured for the year ended December 31, 2016.