Answer:
The amount of raw materials used in the year by 3M Co. is $4634 million
Explanation:
The amount of raw materials used in the year is the opening inventory of raw materials added to purchases of raw materials in the year,minus the closing inventory of raw materials.
In other words, the below shows the computation of raw materials used in the year:
Opening inventory of raw materials $986,000,000
Purchases of raw materials $4,576,000,000
Less closing inventory of raw materials <u>$928,000,000</u>
Raw materials used <u>$4,634,000,000</u>
The proforma used is similar that of costs of goods sold where opening inventory of goods is added to purchases of goods, while closing inventory of finished goods is deducted.