Laramie Company_cost of goods sold

10 points

Laramie Company has the following inventory balances, in dollars, for the current year:

Beginning

Ending

Raw Materials

8,20,000

8,12,000

WIP

1,35,000

1,46,000

Finished Goods

4,91,000

5,16,000

Materials purchases were $2,544,000 and direct labor was $3,200,000.  Overhead is applied at 60% of direct labor.

Required:  Compute cost of goods sold for the year.