The beginning balance of the Raw Materials inventory account for May was $27,500. The ending balance for May was $28,750 and $128,900 of raw materials were used during the month. The materials purchased during the month cost:
A)$130,150.
B)$157,650.
C)$127,650.
D)$131,300.

Question

Quizplus · Accepted Answer

To find the cost of materials purchased during the month, we use the formula: Beginning Inventory + Purchases - Ending Inventory = Materials Used. Plugging in the given values: $27,500 + Purchases - $28,750 = $128,900. Solving for Purchases gives us $130,150.

The Beginning Balance of the Raw Materials Inventory Account for May