Modine Manufacturing Inc.'s accounting records reflect the following inventories:
Dec. 31, 2009 Dec. 31, 2010
Raw materials inventory $120,000 $ 96,000
Work in process inventory 156,000 174,000
Finished goods inventory 150,000 138,000
During 2010, Modine purchased $1,140,000 of raw materials, incurred direct labor costs of $150,000, and incurred manufacturing overhead totaling $192,000. How much would Modine Manufacturing report as cost of goods manufactured for 2010?
A) $1,464,000
B) $1,524,000
C) $1,518,000
D) $1,488,000