PoMA Limited is a manufacturer that uses job-order costing. The following data relating to its inventory balances is available for the year

		Beginning balance	Ending balance
Raw materials		$22,000	$25,000
Work in process		$52,000	$34,000
Finished goods		$121,000	$136,000

Overhead is applied using a predetermined overhead rate based on machine-hours. The company budgeted a total of 40,000 machine hours for the year and an estimated manufacturing overhead cost of $200,000. The following transactions were recorded for the year:                                                                

1. Raw material purchases	$412,000
2. Direct raw material requisitioned for use in production	$362,000
3. Indirect raw material requisitioned for use in production	$47,000
Employee costs:
4. Direct labour costs	$324,000
5. Indirect labour costs	$57,000
6. Administrative salaries	$129,000
7. Selling costs	$135,000
8. Factory utility costs	$22,000
Depreciation expenses:
9. Factory depreciation	$94,000
10. Selling, general and administration related depreciation	$8,000
11. Sales for the year	$1,198,000
12. Actual machine hours for the year	48,000 hours

a. Compute the cost of goods manufactured (COGM). 

b. Compute the cost of goods sold (COGS). [NO NEED TO ADJUST FOR UNDER- or OVER- APPLIED OVERHEADS]