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29 June, 01:11

As of December 31, 2017, Waterway Industries had $3500 of raw materials inventory. At the beginning of 2017, there was $3000 of materials on hand. During the year, the company purchased $475000 of materials; however, it paid for only $412500. How much inventory was requisitioned for use on jobs during 2017?

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  1. 29 June, 05:02
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    Answer: Inventory requisitioned for job = $481500

    Explanation:

    Given:

    Raw materials = $3500

    Material on hand = $3000

    Material purchased = $475000

    Paid (for material purchased) = $412500

    Therefore we can compute the inventory requisitioned for job using the following formula:

    Inventory requisitioned for job = Material purchased + Opening inventory - Closing inventory

    Inventory requisitioned for job = $3500 + $3000 + $475000

    Inventory requisitioned for job = $481500
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Home » Business » As of December 31, 2017, Waterway Industries had $3500 of raw materials inventory. At the beginning of 2017, there was $3000 of materials on hand. During the year, the company purchased $475000 of materials; however, it paid for only $412500.
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