The following information is available for the year ended December 31: The amount of raw materials used in production for the year is:
A)$76,400.
B)$95,500.
C)$72,500.
D)$74,900.
E)$70,100.

Question

The following information is available for the year ended December 31:  The amount of raw materials used in production for the year is:
A)$76,400. 
B)$95,500. 
C)$72,500. 
D)$74,900. 
E)$70,100.

Quizplus · Accepted Answer

The raw materials used in production can be calculated as follows:

Beginning raw materials inventory + Purchases of raw materials - Ending raw materials inventory = Raw materials used in production

Using the information provided in the question, we can fill in the values:

$8,900 + $73,000 - $9,400 = $72,500

Therefore, the amount of raw materials used in production for the year is $72,500.

The Following Information Is Available for the Year Ended December