Costas Company Has Beginning and Ending Raw Materials Inventories of $64000

question 179

Multiple Choice

Costas Company has beginning and ending raw materials inventories of $64000 and $80000 respectively. If direct materials used were $310000 what was the cost of raw materials purchased?

• A) $310000.
• B) $330000.
• C) $294000.
• D) $326000.

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Definitions:

Bond Liability

Bond liability is the amount owed by a bond issuer to bondholders, including both the principal amount borrowed and any accrued interest, until the bond matures.

Futures Contract

A standardized legal agreement to buy or sell a specific commodity or financial instrument at a predetermined price at a specified time in the future.

Market Value

The current price at which an asset or service can be bought or sold.

Gross Profit

The financial gain made after subtracting the cost of goods sold from revenue, indicating the efficiency of a company in managing its production and labor costs.