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Find the balance of raw materials at the end of the quarter

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Reference no: EM132717171

Balances as of Oct. 1: Cash 246, 750

Raw materials, 5 000 units 88, 500

Work in process 81, 000

Accounts payable, credit 63, 000

Factory overhead none

Transactions for the last quarter of the current year are summarized below:

a. Raw material purchases during the quarter, 14 000 @ P18 per unit, on account

b. Raw materials requisitioned during the quarter, 12 000 units of which 10% is indirect materials

c. Excess materials returned to the storeroom, 800 units, all are direct materials

d. Raw materials returned to vendor because of defective quality, 500 units

e. Payment to vendors, 190 000

Problem 1: Olay manufacturing company uses the FIFO method of accounting for Raw Materials. Determine the balance of Raw Materials at the end of the quarter.

Reference no: EM132717171

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