Question 23 Calculate cost of goods sold based upon the following information. Direct Labor Incurred $62,000 Manufacturing Overhead Incurred 175,000 Direct Materials Used 150,000 Finished Goods Inventory, Jan. 1 198,000 Finished Goods Inventory, Dec. 31 98,500 Work-in-Process Inventory, Jan. 1 221,000 Work-in-Process Inventory, Dec. 31 108,000 O $500,000 O $608,000 $599,500 $296,500 3.4 pts