14. Clay Tile Manufacturing Inc.'s accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2016 $ 80,000 104,000 100,000 Dec. 31, 2017 $ 64,000 116,000 92,000 During 2017, Clay Tile Manufacturing purchased $960,000 of raw materials, incurred direct labor costs of $200,000, and incurred manufacturing overhead totaling $128,000. Assume Clay Tile Manufacturing's cost of goods manufactured for 2017 amounted to $1,160,000. How much would it report as cost of goods sold for the year? A) $1,168,000 B) $1,200,000 C) $1,260,000 D) $1,152,000