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Compute the amount of raw materials used during August if $30,000 of raw materials were purchased during the month and the inventories were as follows:

Inventories Balance August 1 Balance August 31
Raw materials $3,500 $3,600
Work in process $12,000 $10,000
Finished goods $18,000 $16,000

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ahmedgodtrust

Answer:

                                                                    $

Opening inventory of raw material       3,500

Add: Purchases of raw material            30,000

                                                                33,500

Less: Closing inventory of raw material 3,600

Amount of raw material used                  29,900

Explanation:

The amount of raw material used equals opening inventory of raw material plus purchases of raw material minus closing inventory of raw material.

Answer:

Raw Materials used in production during the month of August equals $29,900    

Explanation:

Beginning Raw Materials Inventory (August 1)              $3,500  

Add: Raw Materials Purchased during

         the month of August                                              $30,000  

Raw Materials available for use in production              $33,500

 

Less: Ending Raw Materials Inventory (August 31)             $(3,600)

Raw Materials Used in production

      during the month of August                                $29,900    

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