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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
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 |
What was the ending balance in Basils Work in Process Inventory account?
$75,000
$137,500
$262,500
$181,250
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