The following is a summary of the May 2016 operations of Reagan Company that makes and sells airplane models. Suppose that the company uses the FIFO method.

	Physical Units	Direct Materials	Conversion Costs
WIP, beginning inventory	28,000	$39,200	$30,800
Degree of completion for BI		100%	25%
Started in May	60,000
Completed and transferred out in May	66,000
WIP, ending inventory	22,000
Degree of completion for EI		100%	50%
Costs added in May		$90,000	$280,000

What is the cost of goods transferred out during May?

Group of answer choices

$293,000

$363,000

$447,000

$517,000