Pembroke Mowers has prepared all the necessary budgets and is attempting to prepare their forecasted income statement. The budgeted total manufacturing cost is $700,000, the budgeted beginning and ending WIP balances are $110,000 and $160,000 respectively, the budgeted costs of goods manufactured is $650,000, and the budgeted beginning and ending FG inventories are $70,000 and $68,000 respectively.

Determine the budgeted cost of goods sold for Polar Fans?

Options:

$532,000

$562,000

$652,000

$600,000