Sheffield Corp.'s accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $ 120000 $ 104000 Work in process inventory 146000 164000 Finished goods inventory 140000 128000 During 2020, Sheffield purchased $ 970000 of raw materials, incurred direct labor costs of $ 175000, and incurred manufacturing overhead totaling $ 224000. How much would Sheffield Corp. report as cost of goods manufactured for 2020? $ 1373000 $ 1367000 $ 1229000 $ 1379000

Sheffield Corp.'s accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $ 120000 $ 104000 Work in process inventory 146000 164000 Finished goods inventory 140000 128000 During 2020, Sheffield purchased $ 970000 of raw materials, incurred direct labor costs of $ 175000, and incurred manufacturing overhead totaling $ 224000. How much would Sheffield Corp. report as cost of goods manufactured for 2020? $ 1373000 $ 1367000 $ 1229000 $ 1379000