The following data are for Billy Company: Beginning Ending Finished goods inventory $40,000 $50,000 Work-in-process inventory 20,000 13,000 Raw materials inventory 26,000 30,000 Purchases of raw materials 71,000 Factory depreciation 7,000 Other factory costs 12,500 Direct labour 30,000 Indirect labour 6,500 Selling expense 10,000 Over- or underapplied overhead What is the cost of goods sold? a. $120,000 b. $131,000 c. $91,000 d. $81,000