Selected information regarding a company's most recent quarter follows (all data in thousands). What was the ending raw materials inventory?
A)$ 400
B)$ 770
C)$ 150
D)$ 750

Question

Selected information regarding a company's most recent quarter follows (all data in thousands).  What was the ending raw materials inventory?
A)$ 400 
B)$ 770 
C)$ 150 
D)$ 750

Quizplus · Accepted Answer

The formula for ending raw materials inventory is Beginning raw materials inventory + Purchases of raw materials - Raw materials used. Using the given information, we can solve for the ending raw materials inventory as follows: 
Beginning raw materials inventory = $350 
Purchases of raw materials = $950 
Raw materials used = $1,150 
Ending raw materials inventory = Beginning raw materials inventory + Purchases of raw materials - Raw materials used 
Ending raw materials inventory = $350 + $950 - $1,150 
Ending raw materials inventory = $150

Selected Information Regarding a Company's Most Recent Quarter Follows (All