E Homework: HW #1 - Chapter 2 Question 10, P2-51A (bo... Part 2 of 3 2 3 > HW Score: 92.86%, 9.29 of 10 points Score: 0.29 of 1 0 Save Unique Displays designs and manufactures displays used in mobile devices. Serious flooding throughout the region affected Unique Displays' facilities. Inventory was completely ruined, and the company's computer system, including all accounting records, was destroyed. (Click the icon to view additional information.) The beginning inventory numbers are as follows: (Click the icon to view beginning inventory numbers.) ) Requirement Determine the ending inventories of raw materials, work in process, and finished goods. Assume that Raw Mater Inventory contains only direct materials. S 75,000 533,000 - X Data Table Beginning raw materials inventory Plus: Purchases of direct materials Direct materials available for use Less Ending raw materials inventory : Direct materials used 608,000 112,000 S 496,000 Raw materials, $75.000 Work in process, $226,000 Finished goods, $213,000 - X More Info Next, determine the ending inventory of work in process by calculating the cost of goods manufactured. Unique Displays Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory 226000 Plus: Manufacturing costs incurred Direct materials used 496000 Direct labor 551000 218000 Manufacturing overhead Total manufacturing costs to account for Less: Ending work in process inventory 1491000 Before the disaster recovery specialists clean the buildings, Louise Ditchey, the company controller, is anxious to salvage whatever records she can to support an insurance claim for the destroyed inventory. She is standing in what is left of the Accounting Department wtih Trent Parker, the cost accountant. "I didn't know mud could smell so bad." Trent says. "What should I be looking for?" "Don't worry about beginning inventory numbers," responds Louise. 'We'll get them from last year's annual report. We need first quarter cost data." "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 5551,000; S218,000, 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. Cost of goods manufactured Choose from any list or enter any number in the input fields and then click Check Answer. Help Me Solve This Video Get More Help Check Ans