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 of 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 IMMATERIAL