Ajax Corporation transferred $72,000 of raw materials to its production department in February and incurred $37,000 of conversion costs ($22,000 of direct labor and $15,000 of overhead). At the beginning of the period, $14,000 of inventory (direct materials and conversion costs) was in process. At the end of the period $18,000 of inventory was in process. What was the cost of goods manufactured?

A. $105,000

B. $109,000

C. $123,000

D. $141,000