Selected information regarding a company's most recent quarter follows (all data in thousands). Ending work in process inventory $540 Manufacturing overhead $840 Cost of goods manufactured $1,420 Beginning work in process inventory $410 Direct labor $470 What was the cost of direct materials used for the quarter?

Cost of direct materials used for the quarter is = $240

Explanation:

Given that

Ending work in process inventory = $540

Manufacturing overhead = $840

Cost of goods manufactured = $1,420

Beginning work in process inventory = $410

Direct labor = $470

To calculate the cost of raw materials used for the quarter, we will make use of the formulae below.

Cost of goods manufactured = beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

$1,420 = $410 + Direct materials + $470 + $840 - $540

Direct materials = $240

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