What is the amount of Raw Materials Used?
A) $5,000
B) $65,000
C) $75,000
D) $30,000

Question

What is the amount of Raw Materials Used?
A) $5,000 
B) $65,000 
C) $75,000 
D) $30,000

Quizplus · Accepted Answer

The amount of raw materials used is the sum of opening raw materials inventory and raw materials purchased, minus the ending raw materials inventory. From the given table, the opening raw materials inventory is $5,000, raw materials purchased is $70,000, and the ending raw materials inventory is $5,000. Therefore, the amount of raw materials used is ($5,000 + $70,000 - $5,000) = $75,000.

What Is the Amount of Raw Materials Used