1. Cloudy Comfort Company's accounting records reflect the following inventories: Dec. 31, 2012 Dec. 31, 2011 Raw materials inventory $310,000 $260,000 160,000 300,000 Work in process inventory 190,000 150,000 Finished goods inventory During 2012, $400,000 of raw materials were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000. If Cloudy Comfort Company's cost of goods manufactured for 2012 amounted to $1,190,000, its cost of goods sold for the year is A) $1,300,000. B) $1,050,000. C) $1,150,000. D) $1,230,000