Warwick Company has the following transactions for the month of September.
Purchased materials on account for $220,384.
Materials requisitioned for $91,562.
Direct labor for the month was incurred (but not yet paid) of $69,000.
Actual overhead for the month was $41,000. It has not been paid yet (Charge to various payables)
Overhead is applied to production at the rate of 65% of direct labor.
Jobs totaling $42,500 were transferred from Work-in-Process to Finished Goods.
Jobs costing $23,000 were sold.
Balances at the beginning of the month were:
Finished Goods 10,040
Calculate the Ending Balance of Raw Materials.
The solution discusses ending balance of raw materials.