Use the Following Information to Answer Questions 69 - 70:During

Use the following information to answer questions 69 - 70:During 2010, White Lily transferred $300,000 of direct material to Work in Process Inventory and incurred costs of $400,000 for direct labor and $200,000 for overhead. White Lily Corp. had the following beginning and ending balances for Work in Process and Finished Goods Inventory:
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-Assume that White Lily's cost of goods manufactured for 2010 was $700,000. What is the company's cost of goods sold?

A) $450,000
B) $525,000
C) $600,000
D) $700,000
E) $1,300,000