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
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
