Layla Company had the following beginning and ending inventory balances for the current year ended December 31: January 1 December 31 Materials $11,000 $ 8,800 Work in Process 19,800 18,700 Finished Goods 23,100 18,150 In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200. Layla Co. sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the amount of cost of goods sold for the year? $102,000 $128,500 $97,500 $117,150