Concord Industries reported the following information for December: Beginning balance, Raw Materials Inventory $187700 Beginning balance, Work in Process Inventory 302000 Beginning balance, Finished...

Extracted text: Concord Industries reported the following information for December: Beginning balance, Raw Materials Inventory $187700 Beginning balance, Work in Process Inventory 302000 Beginning balance, Finished Goods Inventory 106250 Manufacturing overhead applied 527000 Purchases of raw materials 337800 Factory electricity 63000 Direct labor payroll 205000 Depreciation on factory equipment 218700 Insurance on factory building 53900 Indirect materials used in production 43000 Total raw materials used in production 407700 Indirect labor payroll 156000 Cost of goods manufactured 1241000 Cost of Goods Sold 1312000 What was the cost of the direct materials used by Concord in production during December? $407700 O $364700 $378700 $450700 O O