Question

The following information relates to the manufacturing operations of the abbra publishing company for the year: beginning ending raw materials inventory $ 562,000 $ 625,000 the raw materials used in manufacturing during the year totaled $1,093,000. raw materials purchased during the year amount to _________.

Answer 1

To calculate the amount of raw materials purchased during the year, subtract the beginning inventory from the ending inventory and add the raw materials used. The amount of raw materials purchased was $1,156,000.

Step-by-step explanation:

To find the amount of raw materials purchased during the year, we need to calculate the change in raw materials inventory. The formula is:

Raw Materials Purchased = Ending Raw Materials Inventory - Beginning Raw Materials Inventory + Raw Materials Used

Using the given information:

1. Beginning Raw Materials Inventory = $562,000
2. Ending Raw Materials Inventory = $625,000
3. Raw Materials Used = $1,093,000

Plugging these values into the formula:

Raw Materials Purchased = $625,000 - $562,000 + $1,093,000 = $1,156,000

Therefore, the amount of raw materials purchased during the year is $1,156,000.