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What is the balance of the raw materials inventory account

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Reference no: EM131800027

Problem

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?

Reference no: EM131800027

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