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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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