Question: Problem 2 ScotD recently took over as the controller of IC Manufacturing. Last month, the previous controller left the company with little notice and left

Problem 2

ScotD recently took over as the controller of IC Manufacturing. Last month, the previous controller left the company with little notice and left the accounting records in disarray. ScotD needs the ending inventory balances.

Direct materials purchased

Direct materials inventory, 11/1/2020

Work-in-process inventory, 11/1/2020

Finished-goods inventory, 11/1/2020

Direct materials used

Direct manufacturing labor

Conversion costs

Cost of goods available for sale

Gross margin as a percentage of revenues

Revenues

$200

$ 40

$ 100

$ 60

$220

$200

$660

$960

25%

$980

For the previous month (November 2020) ScotD was able to piece together the following information (000):

Required: Calculate the cost of:

Direct materials inventory, 11/30/2020
Work-in-process inventory, 11/30/2020
Finished-goods inventory, 11/30/2020

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