A company compiled the following information for the current year. (Assume that all raw materials used were direct materials.) Raw materials inventory, January 1 $ 20,000 Raw materials inventory, December 31 40,000 Work in process inventory, January 1 18,000 Work in process inventory, December 31 12,000 Finished goods inventory, January 1 40,000 Finished goods inventory, December 31 32,000 Raw materials purchases 1,700,000 Direct labor 760,000 Factory utilities Indirect labor 150,000 50,000 Factory depreciation Operating expenses 400,000 420,000 What amount of the direct materials were used during the period?

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...
icon
Related questions
Question
A company compiled the following information for the
current year. (Assume that all raw materials used
were direct materials.)
Raw materials inventory, January 1 $
20,000
Raw materials inventory, December 31
40,000
Work in process inventory, January 1
18,000
Work in process inventory, December 31
12,000
Finished goods inventory, January 1 40,000
Finished goods inventory, December 31
32,000
Raw materials purchases 1,700,000
Direct labor
760,000
Factory utilities
Indirect labor
150,000
50,000
Factory depreciation
Operating expenses
400,000
420,000
What amount of the direct materials were used
during the period?
Transcribed Image Text:A company compiled the following information for the current year. (Assume that all raw materials used were direct materials.) Raw materials inventory, January 1 $ 20,000 Raw materials inventory, December 31 40,000 Work in process inventory, January 1 18,000 Work in process inventory, December 31 12,000 Finished goods inventory, January 1 40,000 Finished goods inventory, December 31 32,000 Raw materials purchases 1,700,000 Direct labor 760,000 Factory utilities Indirect labor 150,000 50,000 Factory depreciation Operating expenses 400,000 420,000 What amount of the direct materials were used during the period?
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Cost Sheet
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning