Compute the Cost of Goods Sold for 2016 using the following information:

Direct Materials, Jan. 1, 2016	$	42,000
Work-in-Process, Dec. 31, 2016		66,500
Direct Labor		50,500
Finished Goods, Dec. 31, 2016		109,000
Finished Goods, Jan. 1, 2016		134,000
Manufacturing Overhead		71,500
Direct Materials, Dec. 31, 2016		47,000
Work-in Process, Jan. 1, 2016		91,000
Purchases of Direct Material		79,000

A. $247,500

B. $245,500

C. $220,500

D. $201,000

PLEASE SHOW WORK.