Given the following information, what is the amount of Materials Used (taken from the material storeroom and placed into production) ?
Inventory Balances at the Beginning and End of the Year
|
1/1/2014 |
12/31/2014 |
| Materials |
$ 40,000 |
$ 50,000 |
| Goods in Process |
$ 25,000 |
$ 10,000 |
| Finished Goods |
$125,000 |
$175,000 |
Yearly totals for:
| Material Purchases |
$250,000 |
| Direct Labor |
$120,000 |
| Factory Overhead |
$200,000 |
| Sales |
$950,000 |
| Sales Discounts |
$ 20,000 |
| Selling Expenses |
$ 80,000 |
| Administrative Expenses |
$122,000 |
| Interest Expense |
$ 8,000 |
| Income Tax Expense |
$ 45,000 |