Question

A company began the year with $500 in raw materials and purchased $10,250 more during the year. If the company has $725 in raw materials at the end of the year, then they would report direct materials used of $_______on the schedule of cost of goods manufactured.

A company reported Cost of goods manufactured of $50,000 on the statement of cost of goods manufactured. If the beginning balance in Work in process inventory was $20,000 and the ending balanc was $25,000, then the total manufacturing costs were $______.
A company began the year with $500 in raw materials and purchased $10,250 more during the year. If the company has $725 in raw materials at the end of the year, then they would report direct materials used of $_______on the schedule of cost of goods manufactured.

Answer 1

$10,025

Step-by-step explanation:

Given that,

Company's Beginning Raw materials = $500

Purchases = $10,250

Company's Ending Raw Materials = $725

Hence,

Direct Materials Used:

= Beginning Raw materials + Purchases - Ending Raw Materials

= $500 + $10,250 - $725

= $10,025