Question - Given the following information, determine the cost of goods sold.
| Direct Labor Incurred |
$62,000 |
| Manufacturing Overhead Incurred |
175,000 |
| Direct Materials Used |
150,000 |
| Finished GoodsInventory, Jan. 1 |
198,000 |
| Finished GoodsInventory, Dec. 31 |
98,500 |
| Work-in-Process Inventory, Jan. 1 |
221,000 |
| Work-in-Process Inventory, Dec. 31 |
108,000
|
A. $599,500
B. $608,000
C. $500,000
D. $296,500