Bag Company had a beginning inventory of 4,000 bags with costs of $18,000 on January 1. The direct ...

Bag Company had a beginning inventory of 4,000 bags with costs of $18,000 on January 1. The direct materials were complete and all overhead had been assigned; however, only 40 percent of direct manufacturing labour was added in the prior period. Another 20,000 units were started and completed during the current period. Bag Company uses FIFO process-costing and calculated equivalent unit costs as follows: materials, $8.00; labour, $9.00; and overhead, $5.00.
What is the total cost of goods transferred out using the FIFO method?
A) $440,000
B) $468,000
C) $470,000
D) $491,600
E) $519,500