The following information was obtained from the books of the Greybo Company for the year:

Opening balances:

Raw materials inventory $20,000

WIP inventory $65,000

Finished goods $12,000

Closing balances:

Raw materials inventory $10,000

WIP inventory $90,000

Finished goods $15,000

The company purchased raw material inventory to the value of $90,000.

Conversion costs of $80,000 were incurred during the year.

The cost of goods sold during the year was:

Select one:

a. $87,000

b. $72,000

c. $167,000

d. None of the above

e. $152,000