Answer Happy

The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company: Work in process inventory Raw materials inventory Finished goods inventory $0 $28,600 $40,000 Additional data: 1. Actual manufacturing overhead for January amounted to $66,000. 2. Total direct labor cost for January was $63,100. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $252,000 of direct labor cost and $327,600 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,300 (1,100 direct labor hours) and total direct material charges were $14,700. 5. Cost of direct materials placed in production during January totaled $123,000. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $35,200. 7. Finished goods inventory balance on January 31 was $34,800. What is the cost of goods sold for January? A. $210,623 B. $234,700 C. $246,440 O D. $314,400