Work in process inventory, 08/31/x2? Finished goods inventory, 08/31/x2?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
- Work in process inventory, 08/31/x2?
- Finished goods inventory, 08/31/x2?
Transcribed Image Text:Direct materials purchased
230,000
Work-in-process inventory, 08/01/x2
60,000
Direct materials inventory, 08/01/x2
40,000
Finished goods inventory, 08/01/x2
340,000
Conversion costs
650,000
Total manufacturing costs during August 830,000
Cost of goods manufactured
4x the cost of direct materials used
Gross margin as a percentage of revenue
35%
Revenues
1,200,000
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