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Niles Corporation is a manufacturer that uses job-order costing. The company has supplied the ...

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Niles Corporation is a manufacturer that uses job-order costing. The company has supplied the ...

Niles Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year:

Beginning inventories:
Raw materials	$ 47,000
Work in process	$ 20,000
Estimated total manufacturing overhead at the beginning of the year	$646,250
Estimated direct labor-hours at the beginning of the year	47,000	direct labor-hours

Results of operations:

Raw materials purchased on account	$ 538,000
Raw materials (all direct) requisitioned for use in production	$ 535,000
Direct labor cost	$ 699,000
Actual direct labor-hours	37,000	direct labor-hours
Manufacturing overhead:
Indirect labor cost	$ 134,000
Other manufacturing overhead costs incurred	$ 453,000
Cost of goods manufactured	$1,568,000

How much is the ending balance in the Raw Materials inventory account?

▸ $97,000

▸ $585,000

▸ $47,000

▸ $50,000

Textbook

Introduction to Managerial Accounting: Brewer Edition: 9e

Edition: 9^th

Authors: Brewer, Garrison, Noreen

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