Inventory costing$$initial recognition

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:

What was the cost of goods sold for the year?

What was the value of the finished goods inventory on December $31?$