For the Year Just Ended,Cole Corporation's Manufacturing Costs (Raw Materials

Multiple Choice

For the year just ended,Cole Corporation's manufacturing costs (raw materials used,direct labor,and manufacturing overhead) totaled $1,500,000.Beginning and ending work-in-process inventories were $60,000 and $90,000,respectively.Cole's balance sheet also revealed respective beginning and ending finished-goods inventories of $250,000 and $180,000.On the basis of this information,how much would the company report as cost of goods manufactured (CGM) and cost of goods sold (CGS) ?

A) CGM,$1,430,000;CGS,$1,460,000.
B) CGM,$1,470,000;CGS,$1,540,000.
C) CGM,$1,530,000;CGS,$1,460,000.
D) CGM,$1,570,000;CGS,$1,540,000.
E) Some other amounts.