Amoeba Manufacturing, Inc provided the following information for the year
Purchases-Raw Materials $91,000
Plant Utilities and Insurance 66,000
Indirect Materials 11,240
Indirect Labor 4,340
Direct Materials Used in Production 99,000
Direct Labor 119,500
Depreciation on Factory Plant & Equipment 5,000
The inventory account balances as of January 1 are given below.
Raw Materials Inventory $44,000
Work-in-Progress Inventory 11,000
Finished Goods Inventory 50,000
What is the ending balance in the Raw Materials Inventory account?
A) $135,000
B) $6,000
C) $110,240
D) $24,760
D .D) Beginning Raw Materials Inventory + Purchases Raw Materials - Direct Materials Used in Production - Indirect Materials = Ending Raw Materials Inventory
$44,000 + $91,000 - $99,000 - $11,240 = $24,760
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