For work done during August, Printing Press Company incurred direct materials co

Question

For work done during August, Printing Press Company incurred direct materials costs of $151,000 and conversion costs of $250,000. The company employs a traditional operating philosophy. At the end of August, it was determined that the Work in Process Inventory account had been assigned $1,000 of costs, and the ending balance of the Finished Goods Inventory account was $3,000. There were no beginning inventory balances. How much was charged to the Cost of Goods Sold account during August? a. $401,000 b. $400,000 c. $398,000 d. $397,000

Explanation / Answer

a. $401,000

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