Beginning balance, Raw Materials Inventory Beginning balance, Work in process In

Question

Beginning balance, Raw Materials Inventory Beginning balance, Work in process Inventory Beginning balance, Finished Goods Inventory Purchases of raw materials Factory electricity Direct labor payroll Depreciation on factory equipment Insurance on factory building Indirect materials used in production Total raw materials used in production Indirect labor payroll Cost of goods manufactured Cost of goods sold $187,500 300,000 106,250 337,500 62,500 200,000 218,750 50,000 43,750 406,250 150,000 1,250,000 1,312,500 What was the cost of the direct materials used by Basil in production? $362,500 $450,000 $381,250 $406,250 O

Explanation / Answer

Solution:

Cost of direct material used in production = Cost of raw materials used in production = $406,250

Hence last option is the right choice.

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