The following data were taken from the records of a Company:   Raw Materials Inventory, 09/30/2011 - $50,000 Work in Progress, 08/31/2011 - $80,000 Work in Progress, 09/30/2011 - $95,000 Finished Goods, 08/31/2011 - $60,000 Finished Goods, 09/30/2011 - $78,000 Raw materials purchases, $46,000 Factory overhead, 75% of direct labor cost, $63,000 Selling and administrative expenses, 12.5% of sales, $25,000 Net income for September 2011, $25,000 What is the cost of raw materials inventory on August 31, 2011?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following data were taken from the records of a Company:

 

Raw Materials Inventory, 09/30/2011 - $50,000

Work in Progress, 08/31/2011 - $80,000

Work in Progress, 09/30/2011 - $95,000

Finished Goods, 08/31/2011 - $60,000

Finished Goods, 09/30/2011 - $78,000

Raw materials purchases, $46,000

Factory overhead, 75% of direct labor cost, $63,000

Selling and administrative expenses, 12.5% of sales, $25,000

Net income for September 2011, $25,000

What is the cost of raw materials inventory on August 31, 2011?

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