Calculation of Direct Materials Used For Current Year Beginning raw materials inventory $ 75,000 533,000 Data Table Plus: Purchases of direct materials Direct materials available for use 608,000 Less: 112,000 Ending raw materials inventory $ 496,000 Direct materials used Raw materials, $75,000 Work in process, $226,000 Finished goods, $213,000 He remembers several schedules he learned in college that may help him get started Next, determine the ending inventory of work in process by calculating the cost of goods manufactur the Unique Displays Calculation of Cost of Goods Manufactured Print Done $ 226,000 For Current Year Beginning work in process inventory Plus: Manufacturing costs incurred Direct labor $ 551,000 218,000 "I was working on the first-quarter results just before the storm hit," Trent says. "Look, my report's still in my desk drawer. But all I can make out is that for the first quarter, material purchases were $533,000 and that direct labor, manufacturing overhead (other than indirect materials), and total manufacturing costs to account for were $551,000; $218,000; and $1,491,000, respectively. Wait, and cost of goods available for sale was $1,615,000." "Great," says Louise. "I remember that sales for the period were approximately $1.8 million. Given our gross profit of 30%, that's all you should need." Trent is not sure about that, but decides to see what he can do with this information. Manufacturing overhead Direct materials used Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 496,000 1,491,000 89,000 $ 1,402,000 Print Done