Given the following information, determine the cost of goods manufactured. Direct Labor Incurred $60,000 Manufacturing Overhead Incurred 177, 500 Direct Materials Used 152,000 Finished Goods Inventory, Jan. 1 197,000 Finished Goods Inventory, Dec. 31 98, 500 Work-in - Process Inventory, Jan. 1 220, 500 Work - in - Process Inventory, Dec. 31 110,000 $185, 500 $500,000 $389, 500 279, 500