Concord Industries reported the following information for December:Beginning balance, Raw Materials Inventory$187700Beginning balance, Work in Process Inventory302000Beginning balance, Finished Goods Inventory106250Manufacturing overhead applied527000Purchases of raw materials337800Factory electricity63000Direct labor payroll205000Depreciation on factory equipment218700Insurance on factory building53900Indirect materials used in production43000Total raw materials used in production407700Indirect labor payroll156000Cost of goods manufactured1241000Cost of Goods Sold1312000What was the cost of the direct materials used by Concord in production during December?$407700O $364700$378700$450700O O

Cost of direct materials used in production is the cost of total raw materials used in production…

Answered: Indirect materials used in production…

Business

Accounting

Indirect materials used in production 43000 Total raw materials used in production 407700

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

Concord Industries reported the following information for December:
Beginning balance, Raw Materials Inventory
$187700
Beginning balance, Work in Process Inventory
302000
Beginning balance, Finished Goods Inventory
106250
Manufacturing overhead applied
527000
Purchases of raw materials
337800
Factory electricity
63000
Direct labor payroll
205000
Depreciation on factory equipment
218700
Insurance on factory building
53900
Indirect materials used in production
43000
Total raw materials used in production
407700
Indirect labor payroll
156000
Cost of goods manufactured
1241000
Cost of Goods Sold
1312000
What was the cost of the direct materials used by Concord in production during December?
$407700
O $364700
$378700
$450700
O O

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