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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
dog
subject-Accounting
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education