During the current year, James Company incurred the following product costs:

Direct materials used in production $257,000

Direct labor $124,500

Manufacturing overhead $184,000

James Company's beginning Work in Process Inventory was $16,000 and its ending Work in Process Inventory amounted to $28,000. What is the company's cost of finished goods manufactured for the year?

Multiple Choice

• $577,500.

• $553,500.

• $308,500.

• $581,500.