# Cost of Goods SoldIn September, Lauren Ashley Company purchased materials costing \$150,000 and incurred direct labor cost of \$140,000. Overhead totaled \$400,000 for the month. Information on inventories was as follows: September 1 September 30Materials\$120,000 \$130,000Work in process80,000 90,000Finished goods70,000 65,000Required:What was the cost of goods sold for September?\$

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Cost of Goods Sold

In September, Lauren Ashley Company purchased materials costing \$150,000 and incurred direct labor cost of \$140,000. Overhead totaled \$400,000 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?
\$

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Step 1: Compute the direct materials used:

Step 2: Compute the total manufacturing costs:

Step 3: Compute the cost of goods manufactured:

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