For Work Done During August, Printing Press Company Incurred Direct

Multiple Choice

For work done during August, Printing Press Company incurred direct materials costs of $101,000 and conversion costs of $250,000. The company employs a traditional operating philosophy. 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. How much was charged to the Cost of Goods Sold account during August?

A) $351,000
B) $350,000
C) $348,000
D) $347,000