NIM, CEO of Masinsin Industries, has established the following standard cost summary for a unit of the company's only product: Direct Materials (6 lbs @ $2/1b) $ 12 Direct Labor (3 hrs @ $12/hr) Factory Overhead (applied using DL Hours): Variable (3 hrs @ $19/hr) Fixed (3 hrs @ $14/hr Total $147 Masinsin Industries expected to make 8,200 units this period, but the company actually made 8,800 units. Masinsin Industries used 51,000 actual pounds this period, and the company worked 25,200 actual hours. Masinsin Industries incurred the following actual costs during the period: Direct Materials $100,000 Direct Labor 300,000 Variable Factory Overhead 500,000 Fixed Factory Overhead 370,000 Total $1,270,000 Direct Labor 300,000 Variable Factory Overhead Fixed Factory Overhead 500,000 370,000 Total $1,270,000 Masinsin Industries sold 9,000 units this period. Which of the following statements is correct? Select one: a. Beginning Raw Materials Inventory must have been at least $12. b. Cost of Goods Sold is $1,323,000. c. This is probably the first period during which Masinsin Industries ever made units. d. Cost of Goods Sold is $1,270,000