Compute the Cost of Goods Sold for 2019 using the following information:

Direct Materials, Jan. 1, 2019	$	48,500
Work-in-Process, Dec. 31, 2019		73,000
Direct Labor		57,000
Finished Goods, Dec. 31, 2019		122,000
Finished Goods, Jan. 1, 2019		153,500
Manufacturing Overhead		78,000
Direct Materials, Dec. 31, 2019		60,000
Work-in Process, Jan. 1, 2019		104,000
Purchases of Direct Material		92,000

Multiple Choice

• $227,000

• $278,000

• $280,000

• $246,500