ElmCo provides you with the following data for the most recent year for one of its products:

Question:

ElmCo provides you with the following data for the most recent year for one of its products:
Direct materials (beginning inventory)........................... $80,000
Work-in-process (beginning inventory) .......................... $60,000
Finished goods (beginning inventory) ........................... $125,000
Direct manufacturing labor........................................ $160,000
Direct materials () .............................. $120,000
Work-in-process () ...............................$30,000
Finished goods () .................................$75,000
Manufacturing overhead costs.................................... $220,000
Cost of goods sold ..................................................$800,000
Required:
What is the cost of direct materials purchased?
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...