The information below relates to Derby Manufacturing Company's operations for a recent month. (Assume that all raw materials are direct materials.):
Purchases of raw materials.............................$91,000
Direct labor cost............................................$122,000
Selling costs (total).........................................$42,000
Administrative costs (total)...........................$56,000
Manufacturing overhead costs (total).........$340,000
Raw materials inventory, beginning.............$22,000
Work in process inventory, beginning..........$27,000
Finished goods inventory, beginning............$42,000
Raw materials inventory, ending....................$7,000
Work in process inventory, ending...............$35,000
Finished goods inventory, ending.................$15,000
What was Derby's cost of goods manufactured for the month?
a. $545,000
b. $560,000
c. $568,000
d. $587,000