10) The records for the previous year for Sarasota Boat Builders, Inc. show the following data: Selling and administrative expenses $ 300,000 Direct materials used 530,000 Direct labor (100,000 hours) 600,000 Factory overhead predetermined overhead rate per Direct Labor Hour Inventories Beginning Ending Work in process $ 150,000 $ 160,000 Finished goods $ 80,000 $ 50,000 The cost of goods sold is: a) $ 1,630,000 b) $ 1,880,000 c) $ 1,600,000 d) $ 1,650,000