Ting Company started the accounting period with the following beginning balances:Raw Materials Inventory, $21,000; Work in Process Inventory, $45,000; and Finished Goods Inventory, $10,000. During the accounting period, the company purchased $30,000 of raw materials and ended the period with $8,000 in raw material inventory. Direct labor costs for the period were $60,000, and $63,000 of manufacturing overhead costs were allocated to work in process. There was no over- or underapplied overhead. Ending work in process was $41,000 and ending finished goods was $17,500. Goods were sold during the period for $162,500. The amount of cost of goods manufactured (i.e., amount transferred from work in process to finished goods) would be:
A. $166,000.
B. $117,500.
C. $170,000.
D. $221,000.
Answer: C
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