Quiz Company uses a normal cost system and reported the following account balances before adjusting for the overhead variance.

Raw materials inventory	$50,000
Work-in-process inventory	60,000
Finished goods inventory	20,000
Cost of goods sold	120,000

The overhead variance for the year was $10,000 underapplied.

Determine the balance of cost of goods sold after adjusting for the overhead variance assuming that the overhead variance is material.

Note: Give your answer using dollar signs and commas but no decimal points (cents).