Essay
Bourne Crafts manufactures specialty key chains for tourist attractions.On December 31,2013,the firm had 200 souvenir attraction disks used in the production of the chains that cost $3 each; and 600 completed key chains that cost $6 each.During year 2013 Bourne Crafts purchased 1,500 souvenir disks costing $3 each and produced 1,100 key chains.
Required:
Determine the total cost of raw materials inventory at December 31,2013.
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