Given the Following Information,determine the Cost of Goods Sold A) $505,500
B) $614,500
C) $606,000
D) $295,500

Multiple Choice

Given the following information,determine the cost of goods sold. $$\begin{array} { | l | r | } \hline \text { Direct Labor Incurred } & \$ 61,000 \\\hline \text { Manufacturing Overhead Incurred } & 177,000 \\\hline \text { Direct Materials Used } & 155,000 \\\hline \text { Finished Goods Inventory, Jan. 1 } & 198,000 \\\hline \text { Finished Goods Inventory, Dec. 31 } & 97,500 \\\hline \text { Work-in-Process Inventory, Jan. 1 } & 221,500 \\\hline \text { Work-in-Process Inventory, Dec. 31 } & 109,000 \\\hline\end{array}$$

A) $505,500
B) $614,500
C) $606,000
D) $295,500