The following cost data pertains to GHI Inc. for December 31st, 2022: ...
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Accounting
The following cost data pertains to GHI Inc. for December 31st, 2022:
| Beginning Work-in-Process: | $ | 10,000 |
| Ending Work-in-Process: | $ | 5,000 |
| Direct Materials Used: | $ | 30,000 |
| Direct Costs Incurred in Production: | $ | 30,000 |
| Actual Indirect costs incurred in Production: | $ | 38,000 |
| Beginning Finished Goods Inventories: | $ | 40,000 |
| Ending Finished Goods Inventories: | $ | 20,000 |
Raw Materials on hand at the start of the period were $100,000. Raw Materials purchases were $100,000. Raw materials on hand at the end of the period were $120,000. The amount of Indirect Materials used in production during the period was:
Multiple Choice
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$100,000
-
$120,000
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$20,000
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$50,000
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