Question

As of December 31, 2013, Stand Still Industries had $2,500 of raw materialsinventory. At the beginning of 2013, there was $2,000 of materials on hand. During theyear, the company purchased $325,000 of materials; however, it paid for only $312,500.How much inventory was requisitioned for use on jobs during 2013?

Answer 1

Answer:

$ 324,500

Explanation:

given,

stand still industry raw material inventory = $2,500

material in hand at the beginning of 2013 = $ 2000

country purchases the material of $325,000

country paid only = $312,500

inventory use in 2013 = ?

inventory requisitioned for use on job 2013 is

                         =  $ 325,000 + $ 2,000 - $ 2,500                                

                         = $ 324,500                                        

hence, the inventory requisitioned for use on job 2013 is equal to  $ 324,500