As of December 31, 2017, Nilsen Industries had $2,000 of raw materials inventory. At the beginning of 2017, there was $1,600 of materials on hand. During the year, the company purchased $354,000 of materials; however it paid for only $314,000.
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At the beginning of the year, Bryers Incorporated reports inventory of $8,000. During the year, the company purchases additional inventory for $23,000. At the end of the year, the cost of inventory remaining is $10,000.
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