0 YouTube Drive IS&C KSL Cls AFCU O 123Shows Amazon Other B Figure 2.2 Lonborg Co. had the following beginning and ending inventory balances for the year ended December 31, December 31 end) January 1 (beg) Materials 10,000$ 8,000 Work in Process $18,000 $17,000 Finished Goods $21,000 $%16,500 In addition, direct labor costs of $30,000 were incurred, overhead equaled $42,000, materials purchased were $27.000 and selling and administrative costs were $22,000. Lonborg Co. sold 25,000 units of product during the year at a sales price of $5.00 per unit. Refer to Figure 2-2. What was the amount of cost of goods sold for the year? O $102.000 $97,500 $106,500 $128,500 23 2