Selected information from Nortel Co. is provided below: Beginning Ending Raw Materials Inventory $3,000 $2,500 Work in Process Inventory $5,000 $6,000 Finished Goods Inventory $7,500 $4,000 During the year, the company purchased $12,500 of direct raw materials. It incurred $15,000 of direct labor costs for the year ended and allocated $18,000 of manufacturing overhead costs to work in process. There was no overapplied or underapplied overhead. What is the cost of goods sold? Question 7 options: $49,000 $48,500 $45,000 $51,000