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

	Dec. 31, 2012	Dec. 31, 2013
Raw materials inventory	$ 80,000	$ 64,000
Work in process inventory	104,000	116,000
Finished goods inventory	100,000	92,000

During 2013, Benson purchased $1,160,000 of raw materials, incurred direct labor costs of $200,000, and incurred manufacturing overhead totaling $128,000. Assume Benson's cost of goods manufactured for 2013 amounted to $1,360,000. How much would it report as cost of goods sold for the year?

Select one:

a. $1,368,000

b. $1,400,000

c. $1,460,000

d. $1,352,000