A firm uses backflush costing and values inventory using throughput accounting. All actual amounts are equal to budgeted amounts. The firm has NO variable overhead.

Total DM	$75,000
Total DL	$40,000
Total Fixed OH	$70,000
Total completed and in process	2,500 units
Units in finished goods	150
Units in process	100

The firm has $500 of raw materials at the end of the period. Which of the following is the correct balance for COGS after inventory costs have been backflushed?

Group of answer choices

$67,500

$67,000

$103,500

$103,000