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Concord Corporation's accounting records reflect the following inventories: Dec. 31, 2016 Dec. 31, 2017 Raw materials...

Concord Corporation's accounting records reflect the following inventories:

Dec. 31, 2016 Dec. 31, 2017
Raw materials inventory $50000 $ 97000
Work in process inventory 76000 94000
Finished goods inventory 70000 58000


During 2017, Concord purchased $900000 of raw materials, incurred direct labor costs of $175000, and incurred manufacturing overhead totaling $224000.
How much would Concord Corporation report as cost of goods manufactured for 2017?

$1246000
$1229000
$1240000
$1234000
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