Cost of Goods Sold In September, Lauren Ashley Company purchased materials costing $240,000 and incurred direct labor cost of $150,000. Overhead totaled $375,000 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? 685,000 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