Question

For work done during August, Ohir Company incurred direct materials costs of $120,000 and conversion costs of $260,000. The company employs a JIT operating philosophy and backflush costing. At the end of August, the Work in Process Inventory account had been assigned $900 of costs, and the ending balance of the Finished Goods Inventory account was $1,300. There were no beginning inventory balances.
How much was charged to the Cost of Goods Sold account during August? What was the ending balance of that account?



$1.99
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  • CreatedMarch 26, 2014
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