Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

this question was answered by you giys and its wrong Cost of Goods Sold In September, Lauren Ashley Company purchased materials costing $150,000 and incurred

this question was answered by you giys and its wrong
image text in transcribed
Cost of Goods Sold In September, Lauren Ashley Company purchased materials costing $150,000 and incurred direct labor cost of $150,000. Overhead totaled $350,000 for the month. Information on inventories was as follows: September 30 September 1 $120,000 80,000 Materials Work in process Finished goods $130,000 90,000 70,000 65,000 Required: What was the cost of goods sold for September? 655,000 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting The Cornerstone of Business Decision Making

Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

7th edition

978-1337116008, 1337116009, 1337115770, 978-1337516150, 1337516155, 978-1337115773

More Books

Students also viewed these Accounting questions