Chapter 8, Problem 58P

Ironforge Manufacturing, Inc., is a company that manufactures industrial equipment. During the year, Ironforge purchased $2,140,000 of direct materials and placed $1,970,000 worth of direct materials into production. Ironforge's beginning balance in the Materials Inventory account was $385,000. What is the ending balance in Ironforge's Materials Inventory account?

Kindly help me with this General accounting questions not use chart gpt please fast given solution

Please provide the accurate answer to this financial accounting problem using appropriate methods.