Question

Selected T-accounts for Moore Company are given below for the just completed year:Raw MaterialsBal. 1/1 35,000 Credits ?Debits 470,000Bal. 12/31 58,000What was the cost of raw materials put into production during the year?

Answer 1

Answer:

$447,000

Explanation:

The debited amount of $470,000 must have been a purchase of materials then add the the beginning inventory of $35,000 and we will get the total cost of materials available for production.

$470,000 + $35,000 = $505,000

Then, we have to deduct the raw materials ending balance of $58,000 to get the cost of raw materials put into production of $447,000.

$505,000 - $58,000 = $447,000