Beta Company had the following beginning and ending inventory balances for the current year ended December 31: Materials Work in Process Finished Goods January 1 $16,500 29,700 34,650 December 31 $ 13,200 28,050 27,225 In addition, direct labor costs of $49,500 were incurred, manufacturing overhead equaled $69,300, materials purchased were $44,550, and selling and administrative costs were $24,200. Beta Co. sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the amount of cost of goods sold for the year? O $175,725 $153,000 $146,250 O $192,750