Stopped Watch Company had a beginning inventory of 5,000 watches with costs of $20,000 on January 1. All materials and direct labour are added at the beginning of the production process. The beginning inventory is 70% complete as to manufacturing overhead, while the ending inventory was 40% completed for manufacturing overhead. 15,000 units were started during the period and 15,000 units were completed during the period. Stopped Watch Company uses FIFO process-costing and calculated equivalent unit costs as follows: materials, $5.00, labour, $12.00, and overhead, $3.00 What is the total cost of goods transferred out during the period using the FIFO method? O A. $470,000 OB. $300,000 OC. $320,000 OD. $224,500 O E. $230,500