Find the Unknown Information
Just before class starts, you realize that you have mistakenly recycled the second page of your cost accounting homework assignment. Fortunately, you still have the first page of printout from your spreadsheet (shown below) and you remember that you were able to determine the items on the recycled page from this information.
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A |
B |
C |
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1 |
Direct materials inventory, January 1 |
$ 2,520 |
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2 |
Direct materials inventory, December 31 |
2,088 |
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3 |
Work in process inventory, January 1 |
5,440 |
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4 |
Work in process inventory, December 31 |
6,110 |
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5 |
Finished goods inventory, January 1 |
22,320 |
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6 |
Finished goods inventory, December 31 |
25,520 |
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7 |
Cost of goods manufactured during this year |
598,400 |
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8 |
Total manufacturing costs |
612,320 |
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9 |
Direct labor |
270,400 |
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10 |
Manufacturing overhead |
225,000 |
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11 |
Average selling price per unit |
18 |
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12 |
Gross margin percentage (as a percentage of sales) |
38% |
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13 |
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Required
Find the following:
a. Cost of goods sold.
b. Direct materials used.
c. Purchases of direct materials.
d. Sales revenue