Sam recently took over as the controller of IC Manufacturing. Last month, the previous controller left the
Question:
Sam 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. Sam 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) Sam was able to piece together the following information (000):
Required: Calculate the cost of:
a)Direct materials inventory, 11/30/2020
b)Work-in-process inventory, 11/30/2020
c)Finished-goods inventory, 11/30/2020
Managerial Accounting Decision Making and Motivating Performance
ISBN: 978-0137024872
1st edition
Authors: Srikant M. Datar, Madhav V. Rajan