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nancy2457 nancy2457
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A week ago
Basil Industries reported the following information for December:

Beginning balance, Raw Materials Inventory$   187,500
Beginning balance, Work in Process Inventory300,000
Beginning balance, Finished Goods Inventory106,250
Manufacturing overhead applied525,000
Purchases of raw materials337,500
Factory electricity 62,500
Direct labor payroll200,000
Depreciation on factory equipment218,750
Insurance on factory building 50,000
Indirect materials used in production43,750
Total raw materials used in production 406,250
Indirect labor payroll150,000
Cost of goods manufactured1,250,000
Cost of Goods Sold1,312,500
What was the cost of the direct materials used by Basil in production during December?

▸ $381,250

▸ $406,250

▸ $362,500

▸ $450,000
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Managerial Accounting

Managerial Accounting


Edition: 4th
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alpha987alpha987
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More solutions for this book are available here
$362,500

$406,250 −$43,750 = $362,500
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