Given the Following Information, Determine the Cost of Goods Sold

Multiple Choice

Given the following information, determine the cost of goods sold. $$\begin{array} { | l | r | } \hline \text { Direct Labor Incurred } & \$ 63,000 \\\hline \text { Manufacturing Overhead Incurred } & 179,500 \\\hline \text { Direct Materials Used } & 150,000 \\\hline \text { Finished Goods Inventory, 1/1/2015 } & 197,500 \\\hline \text { Finished Goods Inventory, } 12 / 31 / 2015 & 221,000 \\\hline \text { Work-in-Process Inventory, } 1 / 1 / 2015 & 96,500 \\\hline \text { Work-in-Process Inventory, 12/31/2015 } & 109,000 \\\hline\end{array}$$

A) $380,000
B) $1,016,500
C) $356,500
D) $414,000