The accounts of JB Hi-FI Inc. showed the following balances at the beginning of March: Account Debit Raw Materials Inventory $40,000 Work-in-Process Inventory 34,000 Finished Goods Inventory 50,000 Manufacturing Overhead 23,000 During the month, direct materials amounting to $21,000 and indirect materials amounting to $5,000 were transferred to production. What is the ending balance in the Raw materials Inventory account following these two transactions? Group of answer choices $10,000 $14,000 $28,000 $61,000
The accounts of JB Hi-FI Inc. showed the following balances at the beginning of March: Account Debit Raw Materials Inventory $40,000 Work-in-Process Inventory 34,000 Finished Goods Inventory 50,000 Manufacturing Overhead 23,000 During the month, direct materials amounting to $21,000 and indirect materials amounting to $5,000 were transferred to production. What is the ending balance in the Raw materials Inventory account following these two transactions? Group of answer choices $10,000 $14,000 $28,000 $61,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The accounts of JB Hi-FI Inc. showed the following balances at the beginning of March:
| Account | Debit |
| Raw Materials Inventory | $40,000 |
| Work-in-Process Inventory | 34,000 |
| Finished Goods Inventory | 50,000 |
| Manufacturing Overhead | 23,000 |
During the month, direct materials amounting to $21,000 and indirect materials amounting to $5,000 were transferred to production.
What is the ending balance in the Raw materials Inventory account following these two transactions?
Group of answer choices
$10,000
$14,000
$28,000
$61,000
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