A manufacturer had the following amounts showing in their inventory ledgers:

OPENING BALANCE WERE:

RAW MATERIAL : 25,000

WORK IN PROGESS: 84,000

FINISHED GOODS : 121,800

CLOSING BALANCE WERE:

RAW MATERIAL :28,750

WORK IN PROGRESS :67,400

FINISHED GOODS :140,070

OTHER PRODUCTION COST DETAILS:

MADE RAW MATERIAL PURCAHSE OF :225,000

INCURRED CONVERSION COST AS FOLLOW:

DIRECT FACTORY LABOUR :110,630

MANUFACTURING OVERHEADS: 331,900

Required:

Sales for the period were: $973,651

Calculate the gross profit percentage for this period from the amounts shown above.

Notes:

You will have to calculate any missing numbers but balancing the three inventory accounts to arrive at Cost of Goods Sold. You may wish to complete schedule of cost of goods manufactured and a cost of goods sold schedule to assist you in your calculations or use T-Accounts to balance each account.

Ensure you include the (%) symbol at the end of the number. (E.g. if you wish to enter 50 percent enter 50%) BE SURE TO ROUND YOUR PERCENTAGE TO THE NEAREST WHOLE NUMBER i.e. 50.00005% should be entered as 50%)