Use the following information to compute the cost of direct materials used for the current year. Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor Factory overhead Multiple Choice O O $259,000. $244,000. Beginning of Year $ 12,000 24,000 17,000 $ 247,000 188,000 78,000 End of Year $ 15,000 18,000 11,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Use the following information to compute the cost of direct materials used for the current year.
Beginning of Year
$ 12,000
24,000
17,000
Inventories
Raw materials inventory
Work in process inventory
Finished goods inventory
Activity during current year
Raw materials purchased
Direct labor
Factory overhead
Multiple Choice
$259,000.
$244,000.
$ 247,000
188,000
78,000
< Prev
Q Search
End of Year
$ 15,000
18,000
11,000
11 of 39
F
HH
Next >
Transcribed Image Text:Use the following information to compute the cost of direct materials used for the current year. Beginning of Year $ 12,000 24,000 17,000 Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor Factory overhead Multiple Choice $259,000. $244,000. $ 247,000 188,000 78,000 < Prev Q Search End of Year $ 15,000 18,000 11,000 11 of 39 F HH Next >
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Cost of Raw materials used = Opening Balance of Raw materials + Purchases of Raw materials - Closing Balance of Raw                                                                                                                                                                                       materials

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