The manufacturing operations of Sheridan, Inc. had the following inventory balances for the month of January: Raw Materials Work in Process Finished Goods January 1 January 31 $13,680 23,940 Cost of goods sold 15,960 Sheridan transferred $307,800 of completed goods out of Work in Process Inventory during January. Compute the cost of goods sold for January. $14,820 26,220 13,680 $