Question - The following inventory balances relate to Lequin Manufacturing Corporation at the beginning and end of the year:
Beginning Ending
Raw materials $ 14,000 $ 19,000
Work in proces $ 31,000 $ 7,000
Finished goods $ 25,000 $ 23,000
Lequin's total manufacturing cost was $543,000. What was Lequin's cost of goods sold?
a. $517,000
b. $545,000
c. $569,000
d. $567,000