Basil Industries reported the following information for December: Beginning bala

Question

Basil Industries reported the following information for December:

Beginning balance,

Raw Materials Inventory                    $187,500

Beginning balance, Work in process Inventory                300,000

Beginning balance, Finished Goods Inventory                  106,250

Purchases of raw materials                                                             337,500

Factory electricity                                                                 62,500

Direct labor payroll                                                              200,000

Depreciation on factory equipment                                    218,750

Insurance on factory building                                             50,000

Indirect materials used in production                                43,750

Total raw materials used in production                             406,250

Indirect labor payroll                                                           150,000

Cost of goods manufactured                                               1,250,000

Cost of goods sold                                                                1,312,500

How much manufacturing overhead was incurred by Basil during December?

Explanation / Answer

Calculate manufacturing overhead incurred :

Factory electricity    62500 Depreciation on factory equipment 218750 Insurance on factory building 50000 Indirect materials used in production    43750 Indirect labor payroll       150000 Total manufacturing overhead incurred 525000

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