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Loveheart Company provided the following information for the year 2020: What was the amount of direct materials used in production during 2020? begin{tabular}{|l|r|} hline Beginning
Loveheart Company provided the following information for the year 2020:
What was the amount of direct materials used in production during 2020?
\begin{tabular}{|l|r|} \hline Beginning balance-work in process inventory & $25,000 \\ \hline Ending balance-work in process inventory & 58,000 \\ \hline Beginning balance-raw materials inventory & 82,000 \\ \hline Ending balance-raw materials inventory & 59,000 \\ \hline Purchases-raw materials & 357,000 \\ \hline Direct labour & 468,000 \\ \hline Indirect materials & 45,000 \\ \hline Indirect labour & 20,000 \\ \hline Depreciation on factory plant \& equipment & 24,000 \\ \hline Plant electricity, gas \& insurance & 272,000 \\ \hline \end{tabular}Step by Step Solution
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