The Accounting Records of Dolphin Company Revealed the Following Information

Multiple Choice

The accounting records of Dolphin Company revealed the following information: $\begin{array}{lr}\text { Total manufacturing costs } & \$ 530,000 \\\text { Work-in-process inventory, Jan. 1 } & 56,000 \\\text { Work-in-process inventory, Dec. } 31 & 78,000 \\\text { Finished-goods inventory, Jan. 1 } & 146,000 \\\text { Finished-goods inventory, Dec. 31 } & 123,000\end{array}$ Dolphin's cost of goods sold is:

A) $508,000.
B) $529,000.
C) $531,000.
D) $553,000.
E) None of the other answers are correct.