Q ron williams currently took over as the controller of

Reference no: EM13351576

Ron Williams currently took over as the controller of Johnson Brothers Manufacturing. Last month, the last controller left the company with little notice and left the accounting records in disarray. Ron requires the ending inventory balances to report first quarter numbers.

For the last month (March 2011) Ron was able to piece together the subsequent information:

Direct materials purchased $ 240,000

Work-in-process inventory, 3/1/2011 $ 70,000

Direct materials inventory, 3/1/2011 $ 25,000

Finished goods inventory, 3/1/2011 $ 320,000

Conversion Costs $ 660,000

Total manufacturing costs added during the period $ 840,000

Cost of goods manufactured: 4 times direct materials used

Gross margin as a percentage of revenues 20%

Revenues $1,037,500

Evaluate the cost of:

1. Finished goods inventory, 3/31/2011

2. Work-in-process inventory, 3/31/2011

3. Direct materials inventory, 3/31/2011

Reference no: EM13351576

Questions Cloud

Qreporting and computing the acquisition and amortization : qreporting and computing the acquisition and amortization of three different intangible assetskreiser company had three

Qeagle company manufactures components for aircraft engines : qeagle company manufactures components for aircraft engines. 2012 direct cost data for eagles three largest customers

Qgerhan companys flexible budget for the units essentially : qgerhan companys flexible budget for the units essentially manufactured in may shows 15640 of total factory overhead

Qover the past 15 years anthonys auto shop has prepared a : qover the past 15 years anthonys auto shop has prepared a reputation for reliable repairs and has grown from a

Q ron williams currently took over as the controller of : q ron williams currently took over as the controller of johnson brothers manufacturing. last month the last controller

Qarts corporation provides a generous employee compensation : qarts corporation provides a generous employee compensation package that adds employee stock options. the exercise

Qrevenue recognition at time of sale spencer group and : qrevenue recognition at time of sale. spencer group and marks plc. a u.k. retailer applies ifrs and reports its results

Qwrite a paper of no more than 700 words addressing the : qwrite a paper of no more than 700 words addressing the subsequent questions what strategies did the management of

Qevidence comes in several types and has different degrees : qevidence comes in several types and has different degrees of reliability.subsequent are some statements that compare

User Account

All Pages