Data for the cost of direct materials for the month ended March 31, 2022, are as follows: Raw materials inventory, March 1, 2022 $94,240 Raw materials inventory, March 31, 2022 86,800 During March, the company purchased $265,200 of raw materials on account from Blossom Company and $93,840 of raw materials for cash from Crane Company. In addition, $51,000 was paid on the Blossom account balance. (Assume all raw materials used were direct materials.) Compute the cost of direct materials used

Data for the cost of direct materials for the month ended March 31, 2022, are as follows: Raw materials inventory, March 1, 2022 $94,240 Raw materials inventory, March 31, 2022 86,800 During March, the company purchased $265,200 of raw materials on account from Blossom Company and $93,840 of raw materials for cash from Crane Company. In addition, $51,000 was paid on the Blossom account balance. (Assume all raw materials used were direct materials.) Compute the cost of direct materials used

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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