The ABC Corporation shows the following data in its accounting records for the most recently completed year:
Purchases of raw materials $200
Direct labor $150
Manufacturing overhead $250
Administrative expenses $150
Selling expenses $130
Raw materials inventory, beginning $80
Raw materials inventory, ending $30
Work in process inventory, beginning $70
Work in process inventory, ending $28
Finished goods inventory, beginning $100
Finished goods inventory, ending $120
a) What was the amount of Raw Materials used for the year?
b) What were the total Manufacturing costs for the year?
c) What were the total prime costs for the year?
d) What were the total conversion costs for the year?
e) What were the total Cost of Goods Manufactured for the year?© BrainMass Inc. brainmass.com June 18, 2018, 7:16 am ad1c9bdddf
What was the amount of Raw Materials used for the year? (2 points)
Raw materials inventory, beginning= $80 (Given)
Add Purchases of raw materials= $200 (Given)
Raw materials available for use= $280 =80 + 200
Less Raw materials inventory, ending= ($30) (Given)
Amount of raw materials used= $250 =280 -30
Answer: Amount of raw materials used= $250
What were the total Manufacturing costs for the year? (2 ...
The solution calculates amount of raw materials, total manufacturing costs, total prime costs, total conversion costs, total cost of goods manufactured for the year.