Question

Compute the amount of raw materials used during November if $31,500 of raw materials were purchased during the month and if the inventories were as follows:
Inventories Balance November 1 Balance November 30

Raw materials $7,600 $4,300

Work in process $6,300 $7,800

Finished goods $10,300 $12,300

Answer 1

Answer:

Raw materials used during November was $34,800.

Explanation:

The formula for Raw Materials Used is given below:

Opening Raw Materials + Purchases - Closing Raw Materials = Raw Materials Used

Putting Values:

⇒ Raw Materials Used = 7,600 + 31,500 - 4,300 = $34,800.

Thanks!