Given the following information, determine the cost of goods sold. Direct Labor Incurred Manufacturing Overhead Incurred Direct Materials Used Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Work-in - Process Inventory, Jan. 1 Work-in - Process Inventory, Dec. 31 A. $611,500 B. $295,000 *C. $503,500 D. $606,500 $64,000 175,000 151,000 199,000 96,000 221,500 108,000