Question: The Raw Materials Inventory account had a balance of $13, 463 on January 1. During the month of January, the company had the following transactions:
1. Purchased $12, 481 of wool.
2. Purchased $15, 327 of cotton.
3. Spent $312 on freight charges.
4. Received a discount of $153 for their cotton order.
5. Returned $1, 722 of flawed polyester.
6. Used $8, 318 of wool.
7. Used $16, 964 of cotton.
What is the balance of the Raw Materials Inventory account on January 31?