For work done during August, Printing Press Company incurred direct materials costs of $130,000 and conversion costs of $248,000 . 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 $1,000 of costs, and the ending balance of the Finished Goods Inventory account was
$3,000 . There were no beginning inventory balances. What is the Cost of Goods Sold account's ending balance for August?
a. $378,000
b. $377,000
c. $375,000
d. $374,000
D
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