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Cost of Goods Sold In September, Lauren Ashley Company purchased materials costing $250,000 and incurred direct labor cost of $150,000. Overhead totaled $350,000 for the month. Information on inventories was as follows: September 1 September 30 Materials Work in process Finished goods Required: $120,000 80,000 70,000 $130,000 90,000 65,000

Cost of Goods Sold In September, Lauren Ashley Company purchased materials costing $250,000 and incurred direct labor cost of $150,000. Overhead totaled $350,000 for the month. Information on inventories was as follows: September 1 September 30 Materials Work in process Finished goods Required: $120,000 80,000 70,000 $130,000 90,000 65,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cost of Goods Sold In September, Lauren Ashley Company purchased materials costing $250,000 and incurred direct labor cost of $150,000. Overhead totaled $350,000 for the month. Information on inventories was as follows: September 1 September 30 Materials Work in process Finished goods Required: $120,000 80,000 70,000 $130,000 90,000 65,000 What was the cost of goods sold for September? 685,000 X Q
Transcribed Image Text:Cost of Goods Sold In September, Lauren Ashley Company purchased materials costing $250,000 and incurred direct labor cost of $150,000. Overhead totaled $350,000 for the month. Information on inventories was as follows: September 1 September 30 Materials Work in process Finished goods Required: $120,000 80,000 70,000 $130,000 90,000 65,000 What was the cost of goods sold for September? 685,000 X Q
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