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Question: The Raw Materials Inventory account had a balance of $13, 463 on January 1. During the month of January, the company had the following transactions:

1. Purchased $12, 481 of wool.

2. Purchased $15, 327 of cotton.

3. Spent $312 on freight charges.

4. Received a discount of $153 for their cotton order.

5. Returned $1, 722 of flawed polyester.

6. Used $8, 318 of wool.

7. Used $16, 964 of cotton.

What is the balance of the Raw Materials Inventory account on January 31?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92570276

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