Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $200,000 and incurred direct labor cost of $150,000. Overhead totaled $375,000 for the month. Information on inventories was as follows:   September 1   September 30 Materials $110,000   $120,000 Work in process $60,000   $90,000 Finished goods $75,000   $75,000 Required: 1.  What was the cost of direct materials used in September ?$ 2.  What was the total manufacturing cost in September ?$ 3.  What was the cost of goods manufactured for September ?$     Check My Work

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A:

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.