At the beginning of August, Hogancamp Corporation had $23,000 of raw materials o

Question

At the beginning of August, Hogancamp Corporation had $23,000 of raw materials on hand. During the month, the company purchased an additional $70,000 of raw materials. During August, $74,000 of raw materials were requisitioned from the storeroom for use in production. The credits to the Raw Materials account for the month of August total:

$70,000

$93,000

$74,000

$23,000

At the beginning of August, Hogancamp Corporation had $23,000 of raw materials on hand. During the month, the company purchased an additional $70,000 of raw materials. During August, $74,000 of raw materials were requisitioned from the storeroom for use in production. The credits to the Raw Materials account for the month of August total:

Explanation / Answer

Answer : The credits to the Raw Materials account for the month of August total: = $ 74,000

Working notes for the above answer is as follow

we have provided with the information

At the beginning of August, $23,000 of raw materials on hand

During the month, the company purchased an additional $70,000 of raw materials.

During August, $74,000 of raw materials were requisitioned from the storeroom for use in production.

The credits to the Raw Materials account for the month of August total

Credit means go out from the inventry for use of poduction in the prasent case so we have provided with the information that During August, $74,000 of raw materials were requisitioned from the storeroom for use in production. The credits to the Raw Materials account for the month of August total = 74,000

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