Benson Inc.'s accounting records reflect the following inventories:

		Dec. 31, 2016		Dec. 31, 2017
Raw materials inventory	$ 80,000		$ 64,000
Work in process inventory	104,000		116,000
Finished goods inventory	100,000		92,000

During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000.

Assume Benson's cost of goods manufactured for 2017 amounted to $1,660,000. How much would it report as cost of goods sold for the year?

Question 6 options:

	$1,760,000
	$1,668,000
	$1,568,000
	$1,652,000