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take High End Gift Corp. has a manufacturing process where various ingredients, including gold flake, are heated, mixed, and molded into pieces of candy in
take High End Gift Corp. has a manufacturing process where various ingredients, including gold flake, are heated, mixed, and molded into pieces of candy in the cooking department. The individual candies are then transferred to the assembly department where they are wrapped in gold foil, and arranged in an elegant box along with diamond jewelry. The company maintains a WIP account for each department. For the month of January, the Cooking Department had a beginning balance of $50,000. During January, the Cooking Department added $30,000 of DM, $70,000 of DL, and $40,000 of applied MOH to WIP. At the end of January, the Cooking Department WIP showed a balance of $20,000. The gold inventory account holds all the gold used in the process, both flake and wrapping and all gold is direct materials (never indirect materials for the gold). $50,000 was transferred out of the gold inventory account to be used in processing during January. The Finished Goods Account had a January beginning balance of $300,000 and an ending balance of $200,000. During January, $400,000 of product costs were transferred out of Assembly Department WIP account, and $500,000 were transferred out of the Finished Goods Account. January candy sales were $3.2 million. What was the dollar amount of Cost of Goods Sold for January. (Enter a whole number. Do not enter dollar signs "$", commas, periods "..", or any other marks)
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