Rachel Inc. reported the following information: beginning work in process inventory, $160,000; cost of goods manufactured, $1,500,000; beginning finished good inventory, $100,000; ending work in process inventory, $80,000; and ending finished goods inventory, $80,000. What is Rachel's cost of goods sold for the year?

Group of answer choices

$1,580,000

$1,600,000

$1,520,000

$1,480,000