Heizinger Bros., Incorporated has provided the following data for the month of January. The balance in the Work in Process inventory account was $37,000 at the beginning of the month and $24,500 at the end of the month. During the month, the Corporation incurred direct materials cost of $58,000 and a direct labor cost of $32,500. The actual manufacturing overhead cost incurred was $54,500. The manufacturing overhead cost applied to Work in Process was $54,000. The cost of goods manufactured for January was:

Options:

1. $144,500.
2. $157,000.
3. $157,500.
4. $145,000.