Basic Cost Flows: Raw Materials Used
BMV Automotive Manufacturers had the following information available for the month of January related to their current production of sports cars:
Beginning Ending
Raw materials inventory $20,000 $37,000
Work in process inventory 55,000 80,000
Finished-goods inventory 10,000 3,000
During the month of January, BMV purchased $140,000 of raw materials. How much raw material was used in January?