London Corp. obtained the following information from the Raw Materials Inventory account and purchasing records for the second quarter of the current year:
The amount of Raw Materials used this period was:
A) $15,000
B) $10,000
C) $17,000
D) Some other amount

Question

London Corp. obtained the following information from the Raw Materials Inventory account and purchasing records for the second quarter of the current year:
 The amount of Raw Materials used this period was:
A) $15,000 
B) $10,000 
C) $17,000 
D) Some other amount

Quizplus · Accepted Answer

Beginning Raw Materials ($5,000) + Purchases for the quarter ($4,000 + $2,000 + $2,000)
= Raw Materials Available ($13,000) - Ending Raw Materials ($3,000)
= Raw Materials Used ($10,000)