Answer:
Direct materials used= $750,000
Explanation:
Giving the following information:
Juliette Industries had $25,000 of raw materials inventory (ending). At the beginning of the year, there was $200,000 of materials on hand. During the year, the company purchased $575,000 of materials.
Direct materials used= beginning inventory + purchases - ending inventory
Direct materials used= 200000 + 575000 - 25000= $750,000
Inventory is the finished goods of a company which are ready to be sold in the market. The inventory requisitioned during the year will be of about $750000.
Inventory refers to as a part of such goods which is currently available with a firm to be sold. The inventory has a value and can be referred in number of units as well as in monetary terms.
In the above example, closing materials were $25000, the firm further had $200000 inventory at the start of the year and throughout the year further $575000 was purchased. This can be computed as below,
[tex]\rm Inventory= Beginning\ +Purchases- Closing \\\\\rm Inventory=200000+575000-25000\\\\\rm Inventory=\$ 750,000[/tex]
Hence, the inventory that was requisitioned for use on jobs during the year was worth $750,000 for Juliette Industries.
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