Find the Unknown Information
After a computer failure, you are trying to reconstruct some financial results for the year just ended. While you know that backups are available, it will take too long to get the information you want. You have been able to collect the following information:

Required
Find the following:
a. Finished goods inventory, January 1.
b. Direct materials used for the year.
c. Gross margin percentage (as a percentage of sales).

Transcribed Image Text:

Cost of goods manufactured during this year Total manufacturing costs Direct materials inventory, January 1 Direct materials inventory, December 31 Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished goods inventory, December 31 Purchases of direct materials Cost of goods sold $ 2,800 2,320 5,376 2,480 3,520 9,600 21,776 18,880 21,760 Gross margin 13,120 Manufacturing overhead. Direct labor Average selling price per unit 3,040 5,760 2