Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January. January 1 January 31 $125,000 $117,000 Finished goods Work in process 237,000 251,000 Raw material 132,000 124,000 The following additional data pertain to January operations. Raw material purchased Direct labor Actual manufacturing overhead Actual selling and administrative expenses The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year. 4. Compute the cost of goods sold for January. Cost of goods sold $191,000 400,000 165,000 110,000