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Sphinxa [80]
3 years ago
7

The accounting records of Omar Company contained the following information for last year: Beginning Ending Direct materials inve

ntory........................ $9,000 $7,000 Work in process inventory....................... $17,000 $31,000 Finished goods inventory........................ $10,000 $15,000 Manufacturing costs incurred Direct materials used............................... $72,000 Overhead applied..................................... $24,000 Direct labor cost (10,000 hours).............. $80,000 Depreciation............................................. $10,000 Rent......................................................... $12,000 Taxes........................................................ $8,000 Cost of goods sold................................... $157,000* * Selling and administrative costs incurred Advertising.............................................. $35,000 Rent......................................................... $20,000 Clerical..................................................... $25,000 *Does not include over- or underapplied overhead. Q1. The amount of direct material purchased during the year was:
Business
1 answer:
Dafna11 [192]3 years ago
6 0

Answer:

$70,000

Explanation:

The amount of direct material purchased during the year will be arrived at by working back from the amount of Direct Materials used within the year, then we <u>less</u> opening stock of Direct Material because obviously that was not purchased within the year but was carried over from previous period; and finally we add closing stock of Direct Material because that was left over from what was bought during the current period.

Direct materials used............................... $72,000

Beginning Direct materials inventory... ($9,000)

Ending Direct materials inventory..........<u> $7,000 </u>

Direct material purchased ........................<u>$70,000</u>

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