Okoboji Manufacturing Company reported the following materials data for the month ending November...
Question:
Okoboji Manufacturing Company reported the following materials data for the month ending November 30:
| Materials purchased | $213,900 |
| Materials inventory, November 1 | 67,600 |
| Materials inventory, November 30 | 56,300 |
Determine the cost of direct materials used in production by Okoboji during the month ended November 30.
Direct Material Cost:
Direct material cost refers to the cost of raw materials that are used in the process of production to be converted into the finished goods and are directly traceable to the finished goods. The amount of direct material used in the production is equal to the sum of the beginning inventory of materials and the purchases during the period, reduced by the ending material inventory.
Answer and Explanation: 1
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The cost of direct materials used in production by Okoboji during the month ended November 30 is $225,200.
Explanation:
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Product Costs in Accounting: Definition & Examples
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Production costs are the cumulative costs of manufacturing products, including labor, materials, and overhead. Explore the details of period costs and how product costs affect financial statements through examples.
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