As of December 31, 2013, Stand Still Industries had $2,500 of raw materials inventory.At the beginning of 2013, there was $2,000 of materials on hand.During the year, the company purchased $325,000 of materials; however, it paid for only $312,500.How much inventory was requisitioned for use on jobs during 2013?

Question

Quizplus · Accepted Answer

The inventory requisitioned for use is calculated as: Beginning Inventory + Purchases - Ending Inventory = $2,000 + $325,000 - $2,500 = $324,500.

As of December 31, 2013, Stand Still Industries Had $2,500