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Consider the following information for Olsen Logistics for the month of August:                              

Consider the following information for Olsen Logistics for the month of August:

                                                Raw materials inventory:

                                    At August 1                             $7,000

                                    At August 30                           $4,000

If Olsen purchased $27,500 of raw materials during the month of August, compute the amount of raw materials used by the company during the month.

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Solution: Answer 30,500 Explanation: Inventory, August 1 Purchased during the month Less: Inventory, August 30 Raw Material used $ 7,000 $27,500 $ -4,000 $ 30,500

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