8) Montreal Industries Inc. had the following activities during the year:

Direct materials:

Beginning inventory $50,000

Purchases 154,000

Ending inventory 26,000

Direct manufacturing labour 40,000

Manufacturing overhead 30,000

Ending work-in-process inventory 10,000

Beginning work-in-process inventory 2,000

Ending finished goods inventory 40,000

Beginning finished goods inventory 60,000

What is Montreal's cost of goods SOLD during the year?

a. $220,000

b. $232,000

c. $200,000

d. $240,000

e. $260,000