Cost of Goods Sold In September, Lauren Ashley Company purchased materials costing $220,000 and incurred direct labor cost of $120,000. Overhead totaled $325,000 for the month. Information on inventories was as follows: September 1 September 30 Materials Work in process $120,000 $130,000 80,000 90,000 Finished goods 70,000 65,000 Required: What was the cost of goods sold for September?