Question: 2-44 Missing records, computing inventory costs. Ron Howard recently took over as the controller of Johnson Brothers Manufacturing. Last month, the previous controller left the

2-44 Missing records, computing inventory costs. Ron Howard recently took over

2-44 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 2017) Ron was able to piece together the following information: Direct materials purchased Work-in-process inventory, 3/1/2017 Direct materials inventory, 3/1/2017 Finished-goods inventory, 3/1/2017 Conversion costs Total manufacturing costs added during the period Cost of goods manufactured Gross margin as a percentage of revenues Revenues $120,000 $ 35,000 $ 12,500 $160,000 $330,000 $420,000 4 times direct materials used 20% $518,750 Calculate the cost of: 1. Finished-goods inventory, 3/31/2017 2. Work-in-process inventory, 3/31/2017 3. Direct materials inventory, 3/31/2017

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