The following information applies to Job 730 completed by Ritter Manufacturing Company during October 2005. The amount of labor cost for the job was $67,350. Applied overhead amounted to $96,000. The project was completed and delivered to Lancer Company at a contract price of $285,000. Ritter recognized a gross profit of $51,000 on the project.

Required
Determine the amount of raw materials used to complete Job 730.

Job 730 - Ritter Manufacturing Company, October 2005

Labor cost $67,350
Overhead $96,000
Contract Price $285,000
Gross Profit $51,000

285000-51000=234000
234000-67350-96000=70650

The amount of raw materials it took to complete Job 730 is $70,650.