Andrew Industries Purchased $165,000 of Raw Materials on Account During

question 32

Multiple Choice

Andrew Industries purchased $165,000 of raw materials on account during the month of March. The beginning Raw Materials Inventory balance was $22,000, and the materials used to complete jobs during the month were $141,000 of direct materials and $13,000 of indirect materials.
-What is the ending Raw Materials Inventory balance for March?

• A) $33,000
• B) $9,000
• C) $24,000
• D) $46,000
• E) $11,000

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Definitions:

Final Goods

These are products and services that have been completed and are ready for consumption or use by the end consumer, not to be further processed or resold.

Inventory Goods

Items that a business holds for the ultimate goal of resale or trade, making up an essential part of a company's current assets.

Mexico's GDP

The total market value of all final goods and services produced within the borders of Mexico in a specific time period.

U.S. GDP

The total monetary or market value of all the finished goods and services produced within the United States' borders in a specific time period.