Concord Corporation's accounting records reflect the following inventories:

	Dec. 31, 2016	Dec. 31, 2017
Raw materials inventory	$50000	$ 97000
Work in process inventory	76000	94000
Finished goods inventory	70000	58000

During 2017, Concord purchased $900000 of raw materials, incurred direct labor costs of $175000, and incurred manufacturing overhead totaling $224000. How much would Concord Corporation report as cost of goods manufactured for 2017?

$1246000

$1229000

$1240000

$1234000