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30 March, 19:50

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

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  1. 30 March, 23:02
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    the ending balance in the Raw Materials inventory account is $585,000

    Explanation:

    Open a Raw Materials Inventory T - Account as follows:

    Debits:

    Beginning Raw materials $ 47,000

    Raw materials purchased $ 538,000

    Totals $585,000

    Credits:

    Raw materials requisitioned - production $ 535,000

    Ending Raw materials (Balancing Figure) $ 50,000

    Totals $585,000

    Therefore the Balancing Figure represents the Ending Raw materials inventory
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