A company's overhead rate is based on direct labor hours. Estimated overhead and direct labor hours are $110,000 and 125,000, respectively. During the year, actual overhead was $96,000 and actual direct labor hours were 120,000. At year end, the following balances are available before the proration of under or over applied overhead: Raw materials inventory 20,000 Work-in-process inventory 34,000 Finished goods inventory 32,000 Cost of goods sold 34,000 Calculate the balance in cost of goods sold after prorating the under or over applied overhead. $30,736 $31,280 $37,264 $43,600