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The Custom Steel Company manufactures specialty cooking equipment for a variety of craft hot water applications. They typically pay for their raw materials 25% in
The Custom Steel Company manufactures specialty cooking equipment for a variety of craft hot water applications. They typically pay for their raw materials 25% in the month of purchase, 50% in the month after purchase, and the remaining 25% two months after the purchase date. The direct materials purchasing information for June, July and August is given below:
June | July | August |
$276,622 | $260,921 | $179,108 |
How much cash did Custom Steel company pay out for direct materials in August? Round your answer to the nearest whole dollar.
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