Problem 2 ScotD recently took over as the controller of IC Manufacturing. Last month,...
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Accounting
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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