On February 1, Manwill Corporation had $24,000 of raw materials on hand. During the month, the Corporation purchased an additional $60,000 of raw materials. During February, $54,000 of raw materials were requisitioned from the storeroom for use in production. The debits entered in the Raw Materials account during the month of February total:

Question

Quizplus · Accepted Answer

The total cost of raw materials purchased during the month was $60,000. This is the only answer choice that represents this amount. The $24,000 of raw materials on hand at the beginning of the month and the $54,000 of raw materials used during the month are not debits entered in the Raw Materials account.

On February 1, Manwill Corporation Had $24,000 of Raw Materials