Question
Basil Industries reported the following information for December: Please show work Beginning balance, Raw Materials Inventory $187,500 Beginning balance, Work in process Inventory 300,000 Beginning
Basil Industries reported the following information for December:
Please show work
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 |
Required: Using the information provided above, calculate the following items below. Note: total raw materials used in production includes both direct and indirect materials. Assume actual manufacturing overhead = applied overhead.
3a: What was the balance in ending raw materials at December 31?
3b: What was the total manufacturing cost for December?
3c: What was the cost of the direct materials used by Basil in production?
3d: What was the ending balance in Basils Finished Goods Inventory account?
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