The Following Information Is Available for the Year Ended December

question 180

Multiple Choice

The following information is available for the year ended December 31: The amount of raw materials used in production for the year is:

• A)$76,400.
• B)$95,500.
• C)$72,500.
• D)$74,900.
• E)$70,100.

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Definitions:

Ratio

A quantitative relationship between two numbers, often used to compare and analyze financial data and performance metrics.

Raw Materials Inventory

Items and components stored by a company that will be used in the production or manufacturing process to create finished goods.

Making Products

Turning raw materials, components, or parts into completed products that fulfill a customer's demands or specifications is the process involved.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold in a company, including cost of materials and labor.