Sheets Company manufactures chairs.If raw material used was $100,000 and Raw Material Inventory at the beginning and end of the period,respectively,was $27,000 and $31,000,what was amount of raw material was purchased?

Question

Quizplus · Accepted Answer

The amount of raw material purchased can be calculated using the formula: Purchases = Raw Material Used + Ending Inventory - Beginning Inventory. Substituting the given values: Purchases = $100,000 + $31,000 - $27,000 = $104,000.

Sheets Company Manufactures Chairs