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Dan Turner recently took over as the controller of Carney Brothers Manufacturing. Last month, the previous controller left the company with little notice and left the accounting records in disarray. Dan needs the ending inventory balances to report first-quarter numbers. For the previous month (March 2020) Dan was able to piece together the following information: (Click the icon to view the information for March 2020.) Read the requirements. First, solve for (3) direct materials inventory, 3/31/2020; then solve for (2) work-in-process inventory, 3/31/2020; and finally solve for (1) finished goods inventory, 3/31/2020. Direct materials available for use Direct materials used Total manufacturing costs added during the period Requirements Calculate the cost of: 1. Finished goods inventory, March 31, 2020 2. Work-in-process inventory, March 31, 2020 3. Direct materials inventory, March 31, 2020 X Data table Direct materials purchased Work-in-process inventory, March 1, 2020 Direct materials inventory, March 1, 2020 Finished goods inventory, March 1, 2020 Conversion costs $ $ $ $ $ Total manufacturing costs added during the period $ Cost of goods manufactured Gross margin as a percentage of revenues Revenues Print Done - X 130,000 35,000 10,500 150,000 320,000 460,000 2 times direct materials used 20% 437,500

Dan Turner recently took over as the controller of Carney Brothers Manufacturing. Last month, the previous controller left the company with little notice and left the accounting records in disarray. Dan needs the ending inventory balances to report first-quarter numbers. For the previous month (March 2020) Dan was able to piece together the following information: (Click the icon to view the information for March 2020.) Read the requirements. First, solve for (3) direct materials inventory, 3/31/2020; then solve for (2) work-in-process inventory, 3/31/2020; and finally solve for (1) finished goods inventory, 3/31/2020. Direct materials available for use Direct materials used Total manufacturing costs added during the period Requirements Calculate the cost of: 1. Finished goods inventory, March 31, 2020 2. Work-in-process inventory, March 31, 2020 3. Direct materials inventory, March 31, 2020 X Data table Direct materials purchased Work-in-process inventory, March 1, 2020 Direct materials inventory, March 1, 2020 Finished goods inventory, March 1, 2020 Conversion costs $ $ $ $ $ Total manufacturing costs added during the period $ Cost of goods manufactured Gross margin as a percentage of revenues Revenues Print Done - X 130,000 35,000 10,500 150,000 320,000 460,000 2 times direct materials used 20% 437,500

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business
Section: Chapter Questions
Problem 1MP: Reese Manufacturing Company manufactures and sells a limited line of products made to customer...
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Dan Turner recently took over as the controller of Carney Brothers Manufacturing. Last month, the previous controller left the company with little notice and left the accounting records in disarray. Dan needs the ending inventory balances to report first-quarter numbers. For the previous month (March 2020) Dan was able to piece together the following information: (Click the icon to view the information for March 2020.) Read the requirements. First, solve for (3) direct materials inventory, 3/31/2020; then solve for (2) work-in-process inventory, 3/31/2020; and finally solve for (1) finished goods inventory, 3/31/2020. Direct materials available for use Direct materials used Total manufacturing costs added during the period Requirements Calculate the cost of: 1. Finished goods inventory, March 31, 2020 2. Work-in-process inventory, March 31, 2020 3. Direct materials inventory, March 31, 2020 I X Data table Direct materials purchased Work-in-process inventory, March 1, 2020 Direct materials inventory, March 1, 2020 Finished goods inventory, March 1, 2020 Conversion costs Total manufacturing costs added during the period $ Cost of goods manufactured Gross margin as a percentage of revenues Revenues SA Print $ $ $ GA Done 130,000 35,000 10,500 150,000 320,000 460,000 2 times direct materials used 20% 437,500
Transcribed Image Text:Dan Turner recently took over as the controller of Carney Brothers Manufacturing. Last month, the previous controller left the company with little notice and left the accounting records in disarray. Dan needs the ending inventory balances to report first-quarter numbers. For the previous month (March 2020) Dan was able to piece together the following information: (Click the icon to view the information for March 2020.) Read the requirements. First, solve for (3) direct materials inventory, 3/31/2020; then solve for (2) work-in-process inventory, 3/31/2020; and finally solve for (1) finished goods inventory, 3/31/2020. Direct materials available for use Direct materials used Total manufacturing costs added during the period Requirements Calculate the cost of: 1. Finished goods inventory, March 31, 2020 2. Work-in-process inventory, March 31, 2020 3. Direct materials inventory, March 31, 2020 I X Data table Direct materials purchased Work-in-process inventory, March 1, 2020 Direct materials inventory, March 1, 2020 Finished goods inventory, March 1, 2020 Conversion costs Total manufacturing costs added during the period $ Cost of goods manufactured Gross margin as a percentage of revenues Revenues SA Print $ $ $ GA Done 130,000 35,000 10,500 150,000 320,000 460,000 2 times direct materials used 20% 437,500
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