Rainier Industries has Raw materials inventory on January 1, 20x8 of $34,200 and Raw materials inventory on December 31, 20x8 of $28,400. If raw materials used during the year were $152,000 what was the amount of raw materials purchased during the year

$146,200

Explanation:

Given that,

Raw materials inventory on January 1, 20x8 = $34,200

Raw materials inventory on December 31, 20x8 = $28,400

Raw materials used during the year = $152,000

Raw material consumed = Opening + Materials purchased - Closing stock

$152,000 = $34,200 + Materials purchased - $28,400

$152,000 - $34,200 + $28,400 = Materials purchased

$146,200 = Materials purchased

Therefore, the amount of raw materials purchased during the year is $146,200.

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