23. Caltreck Manufacturing Inc.'s accounting records reflect the following inventories for December 31, 2019 and December 31, 2020 respectively: Raw materials inventory Work in process inventory $100,000 $ 80,000 130,000 145,000 Finished goods inventory 125,000 115,000 During 2020, Caltreck purchased $950,000 of raw materials, incurred direct labour costs of $125,000, and incurred manufacturing overhead totalling $160,000. Assume Caltreck Manufacturing's cost of goods manufactured for 2020 amounted to $1,200,000. How much would it report as cost of goods sold for the year? a) $1,210,000 b) $1,250,000 c) $1,325,000 d) $1,190,000