The following data refers to one month for Talmidge Company. Fill in the blanks. Direct materials inventory, March 1 Direct materials inventory, March 31 2$ 36,000 23,500 Work-in-process inventory, March 1 Work-in-process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory. March 31 Purchases of direct materials Cost of goods manufactured during the month 7,000 34,000 39,500 150,000 Total manufacturing costs 147,000 Cost of goods sold Gross margin 195,500 Direct labor 70,000 Direct materials used 51.000 Manufacturing overhead Sales revenue 340,000

The following data refers to one month for Talmidge Company. Fill in the blanks. Direct materials inventory, March 1 Direct materials inventory, March 31 2$ 36,000 23,500 Work-in-process inventory, March 1 Work-in-process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory. March 31 Purchases of direct materials Cost of goods manufactured during the month 7,000 34,000 39,500 150,000 Total manufacturing costs 147,000 Cost of goods sold Gross margin 195,500 Direct labor 70,000 Direct materials used 51.000 Manufacturing overhead Sales revenue 340,000

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Description: The following data refers to one month for Talmidge Company. Fill in the blanks.Direct materials inventory, March 12$36,000Direct materials inventory. March 3123,500Work-in-process inventory, March 1Work-in-process inventory, March 317,000Finished g

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

The following data refers to one month for Talmidge Company. Fill in the blanks.
Direct materials inventory, March 1
2$
36,000
Direct materials inventory. March 31
23,500
Work-in-process inventory, March 1
Work-in-process inventory, March 31
7,000
Finished goods inventory, March 1
Finished goods inventory, March 31
Purchases of direct materials
34,000
39,500
Cost of goods manufactured during the month
150,000
Total manufacturing costs
Cost of goods sold
Gross margin
147.000
195,500
Direct labor
70,000
Direct materials used
51.000
Manufacturing overhead
Sales revenue
340.000

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