Micker Boots produces cowboy boots, its Raw Materials Inventory account contains only direct materials.If the beginning balance in Raw Materials Inventory is $5,000, the ending balance is $3,500, and $60,000 was the amount transferred to Work in Process Inventory, what is the amount of materials purchased during the period?

Question

Quizplus · Accepted Answer

Beginning Raw Materials Inventory + Materials Purchased - Ending Raw Materials Inventory = Materials Used$5,000 + Materials Purchased - $3,500 = $60,000Materials Purchased = $60,000 + $3,500 - $5,000Materials Purchased = $58,500

Micker Boots Produces Cowboy Boots, Its Raw Materials Inventory Account