Data for the Cost of Direct Materials for the Month $\begin{array}{llr} \text { Materials inventory, March 1, 2016 } &\$76,000\\ \text { Materials inventory March 31.2016 } &70,000\\\end{array}$

Essay

Data for the cost of direct materials for the month ended March 31 2016 are as follows: $\begin{array}{llr} \text { Materials inventory, March 1, 2016 } &\$76,000\\ \text { Materials inventory March 31.2016 } &70,000\\\end{array}$
During March the company purchased $260000 of raw materials on account from Reed Company and $92000 of raw materials for cash from Frye Company. In addition $50000 was paid on the Reed account balance.
Instructions
Compute the cost of direct materials used during March.