-39 Missing records, computing inventory costs. Ron Howard recently took over as the controller of Johnson Brothers Manufacturing. Last month, the previous controller left the company with little notice and left the accounting records in disarray. Ron needs the ending inventory balances to report first-quarter numbers.

For the previous month (March 2014) Ron was able to piece together the following information:

Direct materials purchased $120,000 Work-in-process inventory, 3/1/2014 $ 35,000 Direct materials inventory, 3/1/2014 $ 12, 500 Finished goods inventory, 3/1/2014 $160,000 Conversion costs $330,000 Total manufacturing costs added during the period $420,000 Cost of goods manufactured 4 times direct materials used Gross margin as a percentage of revenues 20%

Revenues $518,750 Calculate the cost of:

1. Finished goods inventory, 3/31/2014 2. Work-in-process inventory, 3/31/2014 3. Direct materials inventory, 3/31/2014