Please include all the steps and formulas that are used. Question $12$

With the following transactions, determine the Cost of Good Sold for a Manufacturing plant.

$1.$ A $\backslash (\backslash$$ $7000\backslash )$ loan was obtained and deposited in cash.

$2.$ Another loan was obtained for the purchase of new equipment for the amount of $8,426$ with $5$ years of life.

$3.$ The equipment is depreciated for the first year.

$4.$ Direct Labor is paid for the amount of $694.$

$5.$ Packaging employees are paid for $1,080.$

$6.200$ materials were invoiced at $4$ each for the inventory.

$7.150$ materials were used in production.

$8.$ The $150$ units were sold at $\backslash (\backslash$$ $4\mathrm{.}00\backslash )$ each and they are invoiced.

$9.$ Sales and distribution expenses for $\backslash (\backslash$$ $1000\backslash )$ were paid.