Manufacturing overhead has an underallocated balance of $16,000; raw materials inventory balance is $150,000; work in process inventory is $130,000; finished goods inventory is $120,000; and cost of goods sold is $180,000. After adjusting for the underallocated manufacturing overhead, what is cost of goods sold?
◦ $180,000
◦ $16,000
◦ $196,000
◦ $164,000