As of December 31, 2020, GloryBe Industries had $1,000 of raw materials inventory.At the beginning of 2020, there was $800 of materials on hand.During the year, the company purchased $122,000 of materials, however paid for only $117,000.How much inventory was requisitioned for use on jobs during 2020?

Question

Quizplus · Accepted Answer

To find the inventory requisitioned for use, calculate the total available materials ($800 beginning inventory + $122,000 purchased = $122,800) and subtract the ending inventory ($1,000), resulting in $121,800 used.

As of December 31, 2020, GloryBe Industries Had $1,000 of Raw