Current Attempt in Progress The manufacturing operations of Sheridan, Inc. had the following inventory balances for the month of January: January 1 January 31 Raw Materials $11,040 $11,960 Work in Process 19,320 21,160 Finished Goods 12,880 11,040 Sheridan transferred $248,400 of completed goods out of Work in Process Inventory during January. Compute the cost of goods sold for January. Cost of goods sold 13