The following is the data for Lauren Enterprises: Selling and administrative expenses $75,000 Direct materials used 265,000 Direct labor (25,000 hours) 300,000 Factory overhead application rate $16 per DLH Inventories Beginning Ending Direct materials $50,000 $45,000 Work in process 75.000 90.000 Finished goods 40,000 25,000 Refer to Figure 2-14. What is the cost of goods manufactured? Inventories Beginning Ending Direct materials $50,000 $45,000 Work in process 90,000 75,000 40,000 25,000 Finished goods Refer to Figure 2-14. What is the cost of goods manufactured? $1,115,000 $965,000 $955,000 $950,000