2 Mahmood recently took over as the controller of Malawe Company Manufacturing. Last month, the previous controller left the company with little notice and left the accounting records in disarray. Mahmoodneeds the starting inventory balances to report first-quarter numbers.For the previous month (April 2020) Mahmood was able to piece together the following information:Direct materials purchased$100,000Work-in-process inventory, 4/31/2020Direct materials inventory, 4/31/2020Finished-goods inventory, 4/31/2020Conversion costs$ 20,000$ 10,000$170,000$300,000$410,000Total manufacturing costs added during theperiodCost of goods manufacturedGross margin as a percentage of revenuesRevenuesCalculate the cost of4 times direct materials used30%$600,000Required Starting Balance for: Work-in-process inventory, 4/01/2020.O 50,00055,00060,000O 65,000

Cost of Goods Manufactured (COGM):COGM represents the total production costs incurred by a company…

Mahmood recently took over as the controller of Malawe Company Manufacturing. Last month, the previous controller left the company with little notice and left the accounting records in disarray. Mahmood needs the starting inventory balances to report first-quarter numbers. For the previous month (April 2020) Mahmood was able to piece together the following information: Direct materials purchased Work-in-process inventory, 4/31/2020 Direct materials inventory, 4/31/2020 Finished-goods inventory, 4/31/2020 Conversion costs $100,000 $ 20,000 $ 10,000 $170,000 $300,000 $410,000 Total manufacturing costs added during the period Cost of goods manufactured Gross margin as a percentage of revenues Revenues Calculate the cost of Required Starting Balance for Work-in-process inventory, 4/01/2020. O 50,000 55,000 60,000 65,000 4 times direct materials used 30% $600,000

Mahmood recently took over as the controller of Malawe Company Manufacturing. Last month, the previous controller left the company with little notice and left the accounting records in disarray. Mahmood needs the starting inventory balances to report first-quarter numbers. For the previous month (April 2020) Mahmood was able to piece together the following information: Direct materials purchased Work-in-process inventory, 4/31/2020 Direct materials inventory, 4/31/2020 Finished-goods inventory, 4/31/2020 Conversion costs $100,000 $ 20,000 $ 10,000 $170,000 $300,000 $410,000 Total manufacturing costs added during the period Cost of goods manufactured Gross margin as a percentage of revenues Revenues Calculate the cost of Required Starting Balance for Work-in-process inventory, 4/01/2020. O 50,000 55,000 60,000 65,000 4 times direct materials used 30% $600,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Mahmood recently took over as the controller of Malawe Company Manufacturing. Last month, the previous controller left the company with little notice and left the accounting records in disarray. Mahmood
needs the starting inventory balances to report first-quarter numbers.
For the previous month (April 2020) Mahmood was able to piece together the following information:
Direct materials purchased
$100,000
Work-in-process inventory, 4/31/2020
Direct materials inventory, 4/31/2020
Finished-goods inventory, 4/31/2020
Conversion costs
$ 20,000
$ 10,000
$170,000
$300,000
$410,000
Total manufacturing costs added during the
period
Cost of goods manufactured
Gross margin as a percentage of revenues
Revenues
Calculate the cost of
4 times direct materials used
30%
$600,000
Required Starting Balance for: Work-in-process inventory, 4/01/2020.
O 50,000
55,000
60,000
O 65,000

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