Hanover Fence Produces Custom Wrought Iron Fencing Hanover Considers the Balance of Manufacturing Overhead to Be Immaterial

Hanover Fence produces custom wrought iron fencing. At the end of 2013, the account balances indicated the following: $$\begin{array} { l r } \text { Raw Materials Inventory } & \$ 18,000 \\\text { Work in Process Inventory } & 74,000 \\\text { Finished Goods Inventory } & 42,000 \\\text { Cost of Goods Sold } & 384,000 \\\text { Manufacturing Overhead (credit balance) } & 8,000\end{array}$$ Hanover considers the balance of manufacturing overhead to be immaterial. How much will Hanover Fence report as Cost of Goods Sold on its income statement for the year ending December 31, 2013?

A) $376,000
B) $392,000
C) $384,000
D) $382,000