For work done during August, Printing Press Company incurred direct materials costs of $139,000 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. What was the ending balance of the Cost of Goods Sold account for August?
a. $396,700
b. $397,780
c. $397,920
d. $399,000
A
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