Question

As of december 31, 2013, nilsen industries had $2,000 of raw materials inventory. at the beginning of 2013, there was $1,600 of materials on hand. during the year, the company purchased $324,000 of materials; however it paid for only $314,000. how much inventory was requisitioned for use on jobs during 2013?

Answer 1

Begging raw material inventory 1600
add material purchase 324000
Total amount to account for 325600
Less ending RM Inventory 2000
RM requisitioned for use 323600