Calculate the cost of goods sold using the following information: (Recommend you use T accounts to help you arrive at the correct answer.) Direct Materials $ 298,500 Direct Labor 132,000 Factory Overhead 264,000 General and Administrative exp. 85,500 Selling expenses 48,800 Work in process, Jan 1 118,500 125,900 Work in process, Dec 31 Finished Goods inventory, Jan 1 232,100 Finished Goods inventory, Dec 31 238,700 O $701,900. $680,500. $687,100. O $772,600. O $674,600