Question

The following information relates to the manufacturing operations of the JNR Printing Company for the year: Beginning Ending Raw materials inventory $ 55,000 $ 58,000 Finished goods 66,000 58,000 The raw materials used in manufacturing during the year totaled $116,000. Raw materials purchased during the year amount to:

Answer 1

Answer: $119,000

Explanation:

Given that,

                                           Beginning         Ending

Raw materials inventory = $ 55,000       $ 58,000

              Finished goods = $66,000        $58,000

Raw materials used in manufacturing during the year = $116,000

Raw materials purchased during the year:

= Ending Raw materials + Raw materials used  - beginning raw material

= $ 58,000 + $116,000 - $ 55,000

= $119,000