Gore Company makes products for sporting events. The following data are for the year ended December 31, 2014:
Materials inventory, January 1, 2014 $45,000
Materials inventory, December 31, 2014 65,000
Materials purchases 175,000
Direct labor 225,000
Work in process inventory, January 1, 2014 30,000
Work in process inventory, December 31, 2014 40,000
Manufacturing overhead 130,000
Finished goods inventory, January 1, 2014 80,000
Finished goods inventory, December 31, 2014 140,000
Prepare a Cost of Goods Manufactured Statement and compute the cost of goods sold.