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Can someone help me solve this and tell me if I am correct, I have run out of Check my Work tries. Thanks Cost of
Can someone help me solve this and tell me if I am correct, I have run out of "Check my Work" tries.
Thanks
Cost of Goods Sold In September, Lauren Ashley Company purchased materials costing $230,000 and incurred direct labor cost of $140,000. Overhead totaled $300,000 for the month. Information on inventories was as follows: September 1 September 30 Materials $120,000 $130,000 Work in process 80,000 90,000 Finished goods 70,000 65,000 Required: What was the cost of goods sold for September? $ 650,000 x Feedback Check My Work 1. Direct materials used = Beginning materials + Purchases - Ending materials. 2. Total manufacturing cost = Direct materials used + Direct labor + Overhead. 3. The cost of goods manufactured = Beginning WIP + Total manufacturing cost - Ending WIP. 4. The cost of goods sold = Beginning Finished goods + Total cost of goods manufactured - Ending Finished goods
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