Homework Help is Here – Start Your Trial Now!
Business
Accounting
For the month of May, the balance in Acme Company's raw materials inventory account was $20,500 at the beginning of the month and $37,000 at the end of the month. Raw materials purchases during the month totaled $64,000. During May, Acme incurred $111,500 of manufacturing overhead costs, which included $2,100 of indirect materials. What amount of direct materials was used during the month of May? $64,000 $47,500 $45,400 $80,500

For the month of May, the balance in Acme Company's raw materials inventory account was $20,500 at the beginning of the month and $37,000 at the end of the month. Raw materials purchases during the month totaled $64,000. During May, Acme incurred $111,500 of manufacturing overhead costs, which included $2,100 of indirect materials. What amount of direct materials was used during the month of May? $64,000 $47,500 $45,400 $80,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Vinubhai 

For the month of May, the balance in Acme Company's raw materials inventory account was $20,500 at the beginning of the month and $37,000 at the end of the month. Raw materials purchases during the month totaled $64,000. During May, Acme incurred $111,500 of manufacturing overhead costs, which included $2,100 of indirect materials. What amount of direct materials was used during the month of May? O $64,000 O $47,500 O $45,400 O $80,500
Transcribed Image Text:For the month of May, the balance in Acme Company's raw materials inventory account was $20,500 at the beginning of the month and $37,000 at the end of the month. Raw materials purchases during the month totaled $64,000. During May, Acme incurred $111,500 of manufacturing overhead costs, which included $2,100 of indirect materials. What amount of direct materials was used during the month of May? O $64,000 O $47,500 O $45,400 O $80,500
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS