Given the following information, determine the cost of goods sold. Direct Labor Incurred Manufacturing Overhead Incurred Direct Materials Used Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 $62,000 180,000 151,000 199,000 96,500 221,000 109,000 A. $614,000 O B. $607,500 C. $295,500 OD. $505,000