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Direct materials used LO C5 3M Co. reports beginning raw materials inventory of $902 million and ending raw materials inventory of $855 million. 3M purchased $3,646 million of raw materials during the year. What is the amount of raw materials it used during the year?

Respuesta :

TomShelby

Answer:

Raw materials used during the year 3,693 MILLONS

Explanation:

From the intentory Identity we can solve for used raw materials

[tex]$Beginning Inventory + Purchase = Ending Inventory + USED[/tex]

We post the know values, and solve for the unknow values:

[tex]902 + 3,646 = 855 + USED\\902 + 3646 - 855 = 3,693[/tex]

Raw materials used during the year 3,693 MILLONS

Notice: This identity can be use anytime you have partial information about inventory to get the missing data.

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