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SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $
SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October:
| Raw Materials, October 1 | $ | 20,000 | |
| Raw Materials, October 31 | $ | 25,000 | |
| Work in Process, October 1 | $ | 45,000 | |
| Work in Process, October 31 | $ | 40,000 | |
| Finished Goods, October 1 | $ | 68,000 | |
| Finished Goods, October 31 | $ | 62,000 | |
| Raw materials purchased | ? | ||
| Raw materials used | $ | 75,000 | |
| Direct labor incurred | ? | ||
| Manufacturing overhead incurred | $ | 120,000 | |
| Cost of goods manufactured | $ | 300,000 | |
| Cost of goods sold | ? | ||
Raw materials purchased in October is:
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$5,000.
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$70,000.
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$80,000.
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$90,000.
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