Magnus Industries Has the Following Data:​ Calculate the Cost of Raw Materials Used

question 154

Essay

Magnus Industries has the following data:​ $\begin{array}{lr}\text { Beginning raw material s inventory } & \$ 75,000 \\\text { Materials purchased } & 40,000 \\\text { Ending raw materials inventory } & 60,000\end{array}$ Calculate the cost of raw materials used.

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Definitions:

Consolidated Statement of Cash Flows

A financial statement that provides aggregate data regarding all cash inflows and outflows from both operating and investing activities of the parent company and its subsidiaries.

Investment Account

An account held by an individual or entity with a financial institution, primarily used for holding and trading securities, stocks, bonds, and other investments.

Percent Ownership

The proportion of a company's shares owned by an individual or entity, often expressed as a percentage of the total shares outstanding.

Adjusted Book Value

The net worth of a company calculated by adjusting assets and liabilities to their market values rather than their book values.