During the year, a manufacturing company had the following operating results:

Beginning work-in-process inventory	$ 49,500
Beginning finished goods inventory	$ 199,000
Direct materials used in production	$ 326,000
Direct labor	$ 520,000
Manufacturing overhead incurred	$ 268,000
Ending work-in-process inventory	$ 76,000
Ending finished goods inventory	$ 93,500

What is the cost of goods manufactured for the year?

Multiple Choice

$1,219,500

$1,193,000

$1,087,500

$1,114,000