7 pt Nemrow's Furniture Company only manufactures custom furniture and uses a job order costing system to accumulate costs. Actual Direct Materials and Direct Labor costs are accumulated for each job, but a predetermined overhead rate is used to apply Manufacturing Overhead costs to individual jobs. Manufacturing Overhead is applied on the basis of direct labor hours. In computing a predetermined overhead rate, the company controller estimated that Manufacturing Overhead costs for the year would be $207,000 and direct labor hours would total 21,000 hours. The following summary information is available for the year. Note: This summary information represents cost data related to hundreds of different job orders started or completed during the year. - Raw materials purchased: $261,000 . Raw materials used as direct materials in production: $242,000 - Wages paid to the furniture craftsmen: $483,000 (for 26,000 hours of labor performed) . Wages paid to the factory maintenance works: $64,000 . Depreciation on machinery and equipment: $114,000 . Rent and utilities for the factory building: $63,000 Raw materials used as indirect materials: $17,000 . Manufacturing Overhead was applied to Work-in-process Inventory using the predetermined overhead rate . Work-in-process Inventory costing $768,000 was completed and transferred to Finished Goods Inventory . Goods costing $723,000 were sold AFTER the appropriate closing entry of any over- or under-applied Manufacturing Overhead amount, what is the final amount of Cost of Goods Sold? O $707,714 O $724,714 O $738,286 O $721,286