Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 01, 2024

The Raw Materials Inventory account had a balance of $13,463 on January 1. During the month of January, the company had the following transactions: 1.

The Raw Materials Inventory account had a balance of $13,463 on January 1. During the month of January, the company had the following transactions:

1. Purchased $12,481 of wool.

2. Purchased $15,327 of cotton.

3. Spent $312 on freight charges.

4. Received a discount of $153 for their cotton order.

5. Returned $1,722 of flawed polyester.

6. Used $8,318 of wool.

7. Used $16,964 of cotton.

What is the balance of the Raw Materials Inventory account on January 31?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting

Authors: Charles T. Horngren, Gary L. Sundem, William O. Stratton, Phillip Beaulieu

6th Canadian edition

013257084X, 1846589207, 978-0132570848

More Books

Students also viewed these Accounting questions

Question

★★★★★

A company reported the following summary of the days during the last year that were missed by its employees. (a) The only absences that cannot be anticipated are those due to illness; the others are...

Answered: 1 week ago

Question

★★★★★

The Ross Unlimited, Inc. makes reels for their fly fishing rods. Ross' costs to produce 210,000 these reels on an annual basis are: Direct materials Direct labor Variable manufacturing overhead Fixed...

Answered: 1 week ago

Question

★★★★★

9. The study of how people should make decisions is also a good way to understand actual behavior. Individuals usually exploit opportunities to make themselves better off. If opportunities change, so...

Answered: 1 week ago

Question

★★★★★

The trial balance of Pacilio Security Services Inc. as of January 1, 2015, had the following normal balances: Cash ...................$62,860 Accounts receivable ............. 20,500 Supplies...

Answered: 1 week ago

Question

★★★★★

The Raw Materials Inventory account had a balance of $13,463 on January 1. During the month of January, the company had the following transactions: 1. Purchased $12,481 of wool. 2. Purchased $15,327...

Answered: 1 week ago

Question

★★★★★

im coding with python. If i could get some help on how to come up with the 2 for loops and also the subplots. my TA said i was on the right track but made some mistakes. N.+1=N, Now, we wish to...

Answered: 1 week ago

Question

★★★★★

Muy Bueno Bakery sells its special chocolate cake for $ 1 8 variable cost is $ 3 . The desired profit is $ 2 per unit. What is the markup percentage ( rounded to the nearest percent ) on product...

Answered: 1 week ago

Question

★★★★★

Instructions: Interview a manager in a role that is responsible for supervising staff and prepare a report summarizing the interview: 1. You will need approximately 30. minutes to interview the...

Answered: 1 week ago

Question

★★★★★

Sam is surfing the Internet and sees that this favorite local skateboard company, Smoothride, Inc., does not own the domain name, "Smoothride.com." Sam registers the name at www.godaddy.com, a domain...

Answered: 1 week ago

Question

★★★★★

D Question 29 3 pts In the Congo, the infant mortality rate is 5.934%. Suppose that a random sample of 1000 births was conducted, What is the probability that the infant mortality rate was less than...

Answered: 1 week ago

Question

★★★★★

A potential client has seen a demo of watsonx.governance, and is looking for something a bit more in-depth, lasting about four hours and delivered onsite. What would you recommend for them? Question...

Answered: 1 week ago

Previous Question Next Question