Problem 1: The following selected information is provided about a manufacturing company: Raw material purchases Direct labor Overhead applied Actual overhead Selling and administrative salaries Other selling and administrative expenses Sales revenue 800,000 415,000 730,000 745,000 500,000 185,000 5,000,000 Inventory data: Raw material Work in process Finished goods January 1 75,000 105,000 120,000 December 31 100,000 140.000 125,000 Calculate the cost of goods sold. Assume that under/over applied overhead is closed directly to cost of goods sold