Question

As of December 31, 2019, Sheffield Corp. had $3000 of raw materials inventory. At the beginning of 2019, there was $2500 of materials on hand. During the year, the company purchased $375000 of materials; however, it paid for only $322500. How much inventory was requisitioned for use on jobs during 2019

Answer 1

Answer:

the  inventory that was requisitioned is $374,000

Explanation:

The computation of the inventory that was requisitioned as follows:

= Opening inventory + purchased inventory - ending inventory

= $2,500 + $375,000 - $3,000

= $374,000

hence, the  inventory that was requisitioned is $374,000

The same would be considered