Given the Following Information, Determine the Cost of Goods Sold

Multiple Choice

Given the following information, determine the cost of goods sold. $$\begin{array} { | l | r | } \hline \text { Direct Labor Incurred } & \$ 61,000 \\\hline \text { Manufacturing Overhead Incurred } & 176,500 \\\hline \text { Direct Materials Used } & 154,000 \\\hline \text { Finished Goods Inventory, Jan. 1 } & 198,000 \\\hline \text { Finished Goods Inventory, Dec. 31 } & 98,500 \\\hline \text { Work-in-Process Inventory, Jan. 1 } & 222,000 \\\hline \text { Work-in-Process Inventory, Dec. 31 } & 109,000 \\\hline\end{array}$$

A) $504,500
B) $613,500
C) $604,000
D) $296,500