(solution) Noelke Industries had a Raw Materials Inventory account balance

(solution) Noelke Industries had a Raw Materials Inventory account balance

Noelke Industries had a Raw Materials Inventory account balance of $27,388 on June 1. During the month of June, the Noelke had the following transactions:
1. Purchased $345,000 of lumber.
2. Purchased $184,000 of steel.
3. Spent $1,867 on freight charges.
4. Received a credit of $3,450 for their lumber order.
5. Returned $6,430 of flawed lumber.
6. Used $353,000 of lumber.
7. Used $181,000 of steel.
What is the balance of the Raw Materials Inventory account on June 30?

SHOW YOUR WORK

Raw materials June 1
Purchase of limber
Purchase of steel
Freight
Credit for lumber
Returned lumber
Use of lumber
Use of steel
Raw materials June 30 27388
345000
184000
1867
-3450
6430
-353000…