Beginning Inventory Consisted of 1,000 Units with Costs of $31,000

Multiple Choice

Beginning inventory consisted of 1,000 units with costs of $31,000. All materials and 60 percent of labor and overhead were added in the prior period. In addition, another 8,000 units were started and completed. Unit costs are materials, $8.00; labor, $20.00; overhead, $9.00. What is the total cost of goods transferred out using FIFO?

A) $296,000
B) $338,600
C) $332,400
D) $338,000