The following cost information is presented for Phoenix Ltd. for the most recent period. Opening finished goods inventory $10,500 Opening work-in-process inventory $11,500 Ending finished goods inventory $18,500 Ending work-in-process inventory $17,000 Sales Commissions $30,500 If the Cost of Goods Manufactured was calculated as $166,000, what was the cost of goods sold for Phoenix? A) $196,500. B) $159,500. C) $158,000. D) $160,500. E) $188,500. Enter only the letter of the correct response in the space below (i.e. A, B, C, D, or E).