Case Scenario:
The Everglades Marine Company has the followng inventory balances at the beginning of January:
Raw Materials Inventory: $71,568
Work-in-Process Inventory: $109,788
Finished Goods Inventory: $92,757
During January, the Everglades Marine Company incurred $106,806 in overhead costs and $193,200 in direct labor costs. Materials costing $51,891 were entered into production, and materials costing $65,541 were purchased. At the end of the month, the following inventory balances remained:
Raw Materials Inventory: $85,218
Work-in-Process Inventory: $17,640
Finished Goods Inventory: $10,017
What was the Everglades Marine Company's Cost of Goods Sold for January?