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At the end of the period, Massive Designs had the following balances in its accounts. Raw Materials Inventory (Debit balance) $ 20,000 Work in Process

At the end of the period, Massive Designs had the following balances in its accounts.

Raw Materials Inventory (Debit balance) $ 20,000

Work in Process Inventory (Debit balance) 40,000

Finished Goods Inventory (Debit balance) 60,000

Cost of Goods Sold (Debit balance) 400,000

Manufacturing Overhead (Credit balance) 10,000

Assuming the amount in Manufacturing Overhead is considered material, how much is the adjusted balance of Cost of Goods Sold to be reported by Massive Designs on its income statement?

$408,000
$392,000
$410,000
$390,000
$472,000

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