As of December 31, 2012, GloryBe Industries had $1,000 of raw materials inventory.At the beginning of 2012, 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 2006?

Question

Quizplus · Accepted Answer

To find the inventory requisitioned for use, calculate the total materials available for use and subtract the ending inventory. Total materials available = Beginning inventory ($800) + Purchases ($122,000) = $122,800. Inventory requisitioned = Total materials available ($122,800) - Ending inventory ($1,000) = $121,800.

As of December 31, 2012, GloryBe Industries Had $1,000 of Raw