Caitlin Company has the following cost information pertaining to their Raw Materials Inventory account:
- December 31, balance (Ending) $20,000
- Material purchases $70,000
- Materials used during year $60,000
What was the Raw Materials Inventory balance on January 1 (Beginning)?

Question

Quizplus · Accepted Answer

(Materials used during the year + December 31, ending balance) - Materials purchases = Raw Materials January 1, balance (Beginning) = ($60,000 + $20,000) - $70,000 = $10,000

Caitlin Company Has the Following Cost Information Pertaining to Their