Answered Essay: Niles Corporation is a manufacturer that uses job-order costing. The compa

Niles Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year:

Beginning inventories:
Raw materials $ 47,000
Work in process $ 20,000
Estimated total manufacturing overhead at the beginning of the year $ 646,250
Estimated direct labor-hours at the beginning of the year 47,000 direct labor-hours

Results of operations:

Raw materials purchased on account $ 538,000
Raw materials (all direct) requisitioned for use in production $ 535,000
Direct labor cost $ 699,000
Actual direct labor-hours 37,000 direct labor-hours
Manufacturing overhead:
Indirect labor cost $ 134,000
Other manufacturing overhead costs incurred $ 453,000
Cost of goods manufactured $ 1,568,000

How much is the ending balance in the Raw Materials inventory account?

Expert Answer

 

The ending balance in the Raw Materials inventory account = Opening Balance + Purchases – Requisitions

47000 + 538000 – 535000

= $ 50000

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