QUESTION 7 The following beginning and ending inventory balances apply to XYZ's 2018 accounting period: Raw Materials Inventory $24,000 $22,000 Work in Process Inventory $32,000 $33,000 Finished Goods Inventory $20,000 $17,000 During 2018, the company purchased $234,000 of direct raw materials. It incurred $180,000 of direct labor costs for the year and allocated $260,000 of manufacturing overhead costs to work in process. There was no overapplied or underapplied overhead. Revenue from goods sold during the year was $800,000. The amount of cost of goods manufactured was 0 a. $575,000. 0 b. $573,000. 0 c. $579,000. 0 d. $555,000