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Homework answers / question archive / Andrew Industries purchased $175,000 of raw materials on account during the month of March

Andrew Industries purchased $175,000 of raw materials on account during the month of March

Accounting

Andrew Industries purchased $175,000 of raw materials on account during the month of March. The beginning Raw Materials Inventory balance was $24,000, and the materials used to complete jobs during the month were $150,000 direct materials and $14,000 indirect materials. What is the ending Raw Materials Inventory balance for March?

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Answer:

A

Raw materials (beginning)

$            24,000

  

B

Add: Purchases

$        1,75,000

  

C =A+B

Raw material available

  

$        1,99,000

D

Less : Raw material consumed

    

E

Direct material

$        1,50,000

  

F

Indirect material

$            14,000

  

D =E+F

Total raw material consumed

  

$        1,64,000
       

G =C-D

Raw material (ending)

  

$            35,000

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