Widget maker manufacturing uses job costing. in may, material requisitions were $ 44,300 ($ 39,700 of these were direct materials), and raw material purchases were $ 58,100. the end of month balance in raw materials inventory was $ 25,300. what was the beginning raw materials inventory balance?

Beginning Material = $11,500

Explanation:

given data

material requisitions = $44,300

direct materials = $39,700

raw material purchases = $58,100

end month balance raw materials inventory = $25,300

to find out

beginning raw materials inventory balance

solution

we know that Beginning Material is express as here

Beginning Material = Ending Material - Purchases + Requisitions 1

put here value in equation 1  we get

Beginning Material = Ending Material - Purchases + Requisitions

Beginning Material = $25,300 - $58,100 + $44,300

Beginning Material = $11,500

month 1 start amount =$3287.90 interest=(3287.90x0.0145/12)3.97 total to pay=$3291.81 paid =$1200 balance =$2,091.87

month 2 starting amount= $2,091.87 interest =$25.28 total to pay =$2117.15 paid =$1200 balance $917.15

month 3 starting amount =$917.15 interest =$11.08 total to pay =$928.23 paid =$928.23 balance =$0 total to pay 1200+1200+928.23 = $3328.23 it will take 3 months to pay a total of $3328.23