Wealth Company has the following transactions for the month of November:
Balances at the beginning of the month were:

- Calculate the ending balance of raw materials.
A) $300,000
B) $259,240
C) $123,900
D) $345,850
E) $200,000

Question

Wealth Company has the following transactions for the month of November:  
Balances at the beginning of the month were:

- Calculate the ending balance of raw materials.
A) $300,000 
B) $259,240 
C) $123,900 
D) $345,850 
E) $200,000

Quizplus · Accepted Answer

Raw Materials Balance = Raw Materials Beginning Balance + Purchases - Materials Used = $34,240 + $300,000 - $75,000 = $259,240

Wealth Company Has the Following Transactions for the Month of November