As of December 31, 2013, Nilsen Industries had $2,000 of raw materials inventory.At the beginning of 2013, there was $1,600 of materials on hand.During the year, the company purchased $324,000 of materials; however it paid for only $314,000.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 = $1,600 + $324,000 - $2,000 = $323,600.

As of December 31, 2013, Nilsen Industries Had $2,000 of Raw