For Work Done During August,Footprints Company Incurred Direct Materials Costs

question 116

Multiple Choice

For work done during August,Footprints Company incurred direct materials costs of $104,000 and conversion costs of $260,000.The company employs a just-in-time operating philosophy and backflush costing.At the end of August,it was determined that the Work in Process Inventory account had been assigned $1,080 of costs,and the ending balance of the Finished Goods Inventory account was $1,220.There were no beginning inventory balances.
-Using the information provided for Footprints Company,what was the ending balance of the Cost of Goods Sold account for August?

• A)$361,700
• B)$362,780
• C)$362,920
• D)$364,000

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