X Company, a manufacturer, reported the following inventory balances for 2014:
|
|
Direct Materials
|
Work in Process
|
Finished Goods
|
|
January 1
|
$16,614
|
$17,924
|
$15,386
|
|
December 31
|
$14,894
|
$13,744
|
$15,386
|
The following additional information was available:
Direct materials costing $70,236 were purchased.
Direct labor cost was $26,268.
Overhead applied was $46,414.
Selling and administrative costs were $32,138.
Sales were $446,454.
What was Cost of Goods Sold for the year?