Ask Question
26 September, 17:23

9) Nemec Manufacturing uses job costing. In May, material requisitions were $44,000 ($39,000 of these were direct materials), and raw material purchases were $60,000. The end of month balance in raw materials inventory was $24,300. What was the beginning raw materials inventory balance

+1
Answers (1)
  1. 26 September, 17:27
    0
    The beginning raw materials inventory balance was $3,300.

    Explanation:

    Ending balance of Raw Material Inventory = Opening balance of raw material inventory + Purchases for the period - Material requisitions

    $24,300 = Opening balance of raw material inventory + $60,000 - $39,000

    $24,300 = Opening balance of raw material inventory + $21,000

    Opening balance of raw material inventory = $24,300 - $21,000

    Opening balance of raw material inventory = $3,300

    The beginning raw materials inventory balance was $3,300.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “9) Nemec Manufacturing uses job costing. In May, material requisitions were $44,000 ($39,000 of these were direct materials), and raw ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers