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:

Direct materials inventory, January 1 (Beginning) Direct materials inventory, December 31 (Ending) Work-in-process inventory, January 1 (Beginning) Work-in-process inventory, December 31 (Ending) Finished goods inventory, December 31 (Ending) Purchases of direct materials Cost of goods manufactured during this year Total manufacturing costs Cost of goods sold. Gross margin Direct labor Manufacturing overhead Average selling price per unit $4,000 3,000 5,300 2,500 3,520 9,600 22,220 19,400 21,760 13,120 3,040 5,760 2