Crosstown Co. manufactures lawnmowers. During the year, the company purchased $85,000 of direct materials and incurred $150,000 of direct labour cost for manufacturing its product. Total manufacturing costs were $360,000. The company's beginning and ending inventories for the year were: Beginning inventory Ending inventory Direct materials $23,000 $15,000 Work-in-process $65,000 $55,000 Finished goods $21,000 $20,000 What was the cost of goods sold for the year? a) $243,000 b) $350,000 c) $370,000 d) $371,000