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(10 marks) Summit Company has provided the following inventory balances and manufacturing cost data for the month of January Inventories: January January 31 Direct materials
(10 marks) Summit Company has provided the following inventory balances and manufacturing cost data for the month of January Inventories: January January 31 Direct materials 537,800 $44,200 Work in process $15,000 $20,000 Finished goods $65.000 550,000 Month of January Cost of goods manufactured $515,000 Manufacturing overhead applied $150,000 Direct materials used $189,000 Actual manufacturing overhead $144,000 Under Summit's job-order costing system, any over- or underapplied overhead is closed out to the cost of Goods Sold account at the end of the calendar year (that is, December 31) What was the total amount of direct material purchases during January? SHOW ALL WORK
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