Materials Activity Raw materials purchases $ 532,000 Raw materials Raw materials avallable for use in production $ 502500 O Raw materials Inventory, beginning $145,500 Inventory, ending $175,000 Direct materials used in production $ 502500 Production Activity Direct labor used in production Factory overhead used in production $350,000 $750,000 Work in process Inventory, beginning Total work in Work in process Inventory, ending process $ 1687000 $ 93500 $84,500 Cost of goods manufactured $1,593,500 Sales Activity Finished goods Inventory, begining $ 146750 Cost of goods avalable for sale Finished goods Inventory, ending $ 1,740,250 $139,950 Costot goods sold $ 1600300
Materials Activity Raw materials purchases $ 532,000 Raw materials Raw materials avallable for use in production $ 502500 O Raw materials Inventory, beginning $145,500 Inventory, ending $175,000 Direct materials used in production $ 502500 Production Activity Direct labor used in production Factory overhead used in production $350,000 $750,000 Work in process Inventory, beginning Total work in Work in process Inventory, ending process $ 1687000 $ 93500 $84,500 Cost of goods manufactured $1,593,500 Sales Activity Finished goods Inventory, begining $ 146750 Cost of goods avalable for sale Finished goods Inventory, ending $ 1,740,250 $139,950 Costot goods sold $ 1600300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
I am having trouble getting the Raw Materials Available For Use in Production. I thought the formula is Beginning raw material inventory + Raw materials purchases - Ending raw materials inventory
![Materials Activity
Raw materlals
purchases
$ 532,000
Raw materials availlable
+ for use in production
$ 502500 0
Raw materlals
Raw materlals
Inventory, beginning
$145,500
Inventory, ending
$175,000
Direct materials used
in production
$ 502500
Production Activity
Factory overhead
used in production
Direct labor used
in production
$350,000
$750,000
Work In process
Inventory, beginning
Total work in
Work in process
Inventory, ending
$ 93500
process
$ 1687000
$84,500
Cost of goods
manufactured
$ 1,593,500
Sales Activity
Finished goods
Finished goods
Inventory, beginning
$ 146750
Cost of goods
avalable for sale
$ 1,740,250
Inventory, ending
$139,950
Cost of goods sold
$ 1600300](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fde73d8a3-703f-492e-8945-c6a65b8a92bf%2F2a45ad00-fe7a-4ae2-a330-2371e181fa12%2Fwmyhr89_processed.png&w=3840&q=75)
Transcribed Image Text:Materials Activity
Raw materlals
purchases
$ 532,000
Raw materials availlable
+ for use in production
$ 502500 0
Raw materlals
Raw materlals
Inventory, beginning
$145,500
Inventory, ending
$175,000
Direct materials used
in production
$ 502500
Production Activity
Factory overhead
used in production
Direct labor used
in production
$350,000
$750,000
Work In process
Inventory, beginning
Total work in
Work in process
Inventory, ending
$ 93500
process
$ 1687000
$84,500
Cost of goods
manufactured
$ 1,593,500
Sales Activity
Finished goods
Finished goods
Inventory, beginning
$ 146750
Cost of goods
avalable for sale
$ 1,740,250
Inventory, ending
$139,950
Cost of goods sold
$ 1600300
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