Ogden Electronics (OE) Produced 60,000 Widgets Last Month

Essay

Ogden Electronics (OE) produced 60,000 widgets last month. OE started the month with $100,000 worth of inventory in Finished Goods. The company incurred $140,000 of various utility and rent charges on their factory, paid $400,000 for raw materials to use in production, and paid employees $100,000 in wages.
During the month, inventory costing $600,000 was completed and transferred to Finished Goods Inventory. At the end of the month, OE had $40,000 of Inventory in Finished Goods, $20,000 in Materials Inventory, and $30,000 still in Work in Process.
What was OE's Cost of Goods Sold for the month?