Work-in-process inventory, January 1, 2011	$ 61,000
Work-in-process inventory, December 31, 2011	$ 66,500
Conversion costs during the year	$ 433,000

If direct materials used during the year were $153,000, what was cost of goods manufactured?

$580,500.

$575,000.

$158,500.

$427,500.

None of these.

Please show solution.