A corporation used $35,000 of direct materials and incurred $73,000 in direct labor costs, and $112,500 in manufacturing overhead costs during the period. What is the cost of goods manufactured if the beginning and ending Work-in-Process Inventories were $28,000 and $21,500, respectively? A. $248,500 B. $227,000 C. $214,000 D. $220,500

To calculate the cost of goods manufactured, we follow these steps:

1. Add up all manufacturing costs: 

Direct Materials + Direct Labor + Manufacturing Overhead. 

2. Take that total and adjust it for the change in Work-in-Process Inventory.

Total Manufacturing Costs 

= Direct Materials + Direct Labor + Manufacturing Overhead 

= $35,000 + $73,000 + $112,500

 = $220,500

Now, to adjust for the change in Work-in-Process Inventory: 

Change in Work in Process 

= Ending Work-in-Process Inventory - Beginning Work-in-Process Inventory 

= $21,500 - $28,000 

= -$6,500 (this signifies a decrease in inventory)

Finally, we adjust the Total Manufacturing Costs for the change in Work-in-Process:

 Cost of Goods Manufactured

 = Total Manufacturing Costs + Change in Work in Process

 = $220,500 - $6,500 

= $214,000

Therefore, the cost of goods manufactured is $214,000. The correct answer is C. $214,000.