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

Name: I am having trouble getting the Raw Materials Available For Use in Pro
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Description: 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 ActivityRaw materlalspurchases$ 532,000Raw m

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

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

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