Author Question: Basil Industries reported the following information for December:Beginning balance, Raw Materials ... (Read 49 times)

fungirl · **on:** Feb 5, 2023

Basil Industries reported the following information for December:

Beginning balance, Raw Materials Inventory	$ 187,500
Beginning balance, Work in Process Inventory	300,000
Beginning balance, Finished Goods Inventory	106,250
Manufacturing overhead applied	525,000
Purchases of raw materials	337,500
Factory electricity	62,500
Direct labor payroll	200,000
Depreciation on factory equipment	218,750
Insurance on factory building	50,000
Indirect materials used in production	43,750
Total raw materials used in production	406,250
Indirect labor payroll	150,000
Cost of goods manufactured	1,250,000
Cost of Goods Sold	1,312,500

What was the ending balance in Basil's Raw Materials Inventory account at December 31?
◦ $75,000
◦ $206,250
◦ $162,500
◦ $118,750

gyvette · **Reply #1 on:** Feb 5, 2023

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