Valley Inc. has the following data for January. The balance in the Finished Goods inventory account at the beginning of the month was $43,000 and at the end of the month was $47,000. The cost of goods manufactured for the month was $188,000. The actual manufacturing overhead cost incurred was $71,000 and the manufacturing overhead cost applied was $67,000. The adjusted cost of goods sold that would appear on the income statement for January is:

$184,000

$196,000

$180,000

$188,000