Formula Fabricating Inc. (FFI) is a publicly reportable enterprise. At the beginning of the year, FFI did not have in inventory any completed units or work in progress. However, it did have $20,000 in raw materials inventory. Extracts from the company’s general ledger as at the December 31 year-end follow:

General ledger account--------------------------------------------------------------------Amount
Administration expense ....................................................................................$42,000
Depreciation – office building .............................................................................16,000
Depreciation – manufacturing facility................................................................ 22,000
Depreciation – equipment .................................................................................. 14,000
Direct labour ......................................................................................................... 60,000
Executive salaries ............................................................................................... 120,000
Plant supplies ........................................................................................................13,000
Property taxes (30% for office building, 70% for manufacturing facility)..........8,000
Production manager’s salary ...............................................................................75,000
Raw material inventory, December 31 ...............................................................30,000
Raw material purchases .....................................................................................140,000
Utilities expense (15% for office building, 85% for manufacturing facility)....40,000

At December 31, there was no work in process, but 15% of the units manufactured remained in ending finished goods inventory.

Required:
a. What was the cost of goods sold for the year?
b. What was the value of the finished goods inventory on December 31?