Information for Jersey Metalworks as of December 31 follows. What is the Cost of Goods Sold? Administrative salaries expense $135,000 Depreciation expense-Factory equipment 51,400 Depreciation expense-Delivery vehicles 36,200 Depreciation expense-Office equipment 24,800 Advertising expense 22,350 Direct labor 278,000 Factory supplies used 7,000 Income taxes expense 91,500 Indirect labor 45,000 Indirect material 32,000 Factory insurance 45,500 Factory utilities 18,500 Factory maintenance 17,500 Inventories Raw materials inventory, January 1$2,000 Raw materials inventory, December 31$28,000 Work in Process inventory, January 1$33.780 Work in Process inventory, December 31$39,460 Finished goods inventory, January 1$56,970 Finished goods inventory, December 31$62,000 Raw materials purchases 328,000 Rent expense-Factory 51,000 Rent expense-Office space 24,000 Rent expense-Selfing Space 24,000 Depreciation expenge-Factory equipment 51.400 Depreciation expense-Delivery vehicles 36.200 Depreciation exponse-Oifice equipment 24,800 Advertising experise 22.350 Direct labor 278,000 Factory supplies used 7,000 Income taxes copense 91,500 Indirect labor 45,000 Indirect material 32,000 Factory insurance 45,500 Factory utilities: 18,500 Factocy maintenance 17,500 Inventories Raw materials inventory, danuary 1$42,000 Raw materials inventory, December 31$28,000 Work in Process inventory, January 1$33,780 Work in Process inventory, December 31$39.460 Finished goods inventory, January 1$56.970 Finished goods inventory. December 31$62.000 Raw materials purchases 328,000 Rent expense-Factory 51,000 Rent expense-Office space 24,000 Rent expense-Selling Space 24,000 Sales salaries expense 97,500 Sales 1,452,000 Sales discounts 29,000