Question

The following information is available for the year ended December 31: Beginning raw materials inventory $21,500 Raw materials purchases 74,000 Ending raw materials inventory 23,000 Office supplies expense 2,400 The amount of raw materials used in production for the year is: $74,900. $72,500. $95,500. $76,400. $70,100.

Answer 1

b. $72,500

Step-by-step explanation:

Beginning raw materials inventory $21,500

Raw materials purchases $74,000

The amount of raw materials used in production $72,500 (21500+74000-23000)

Ending raw materials inventory $23,000

Answer 2

used in production = 72,500

Step-by-step explanation:

we use the Inventory identity to solve for used into production

`$$Beginning Inventory + Purchase = Ending Inventory + Used`

21,500 + 74,000 = 23,000 + used

21,500 + 74,000 - 23,000 = used

used in production = 72,500

The supplies are irrelevant for this calculation