Solution-What was the total amount of direct material

What was the total amount of direct material purchases

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Question - Summit Company has provided the following inventory balances and manufacturing cost data for the month of January:

Inventories:	January 1	January 31
Direct materials	$37,800	$44,200
Work in process	$15,000	$20,000
Finished goods	$65,000	$50,000

Month of January

Cost of goods manufactured $515,000

Manufacturing overhead applied $150,000

Direct materials used $189,000

Actual manufacturing overhead $144,000

Under Summit's job-order costing system, any over- or underapplied overhead is closed out to the Cost of Goods Sold account at the end of the calendar year (that is, December 31).

Required - What was the total amount of direct material purchases during January?

Reference no: EM132743193

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What was the total amount of direct material purchases

Reference no: EM132743193

Reference no: EM132743193

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