Fill in the blanks in the tables with the correct information.

Pan Demic, Inc. $($PDI$)$ manufactures and sells cast iron skillets. A finished skillet sells for $$40$ and costs $$15$ to manufacture. PDI uses one raw material, iron ore, which is buys for $$8/$pound$.$ Skillet Forgers heat the iron ore and form it into skillets. Forgers are paid $$55/$hour$.$

Period $1$:

During the period, PDI purchased $$4,000$ of Iron Ore. At the end of the period, they had $$2,400$ of ore left in Raw Materials They used $120$ hours of direct labor and incurred $$12,000$ of Factory Overhead.

At the beginning of the period, PDI had $$3,000$ of costs in WIP and $$2,400$ of costs in Finished Goods.

PDI Schedule of Raw Materials

Account

Dollar Amount

Raw Materials Beginning Inventory

$1000$

Purchases

$4000$

Raw Material Available For Use

$5000$

Raw Materials Ending Inventory

$2400$

Direct Materials Used $($transferred to WIP$)$

$2600$

PDI Schedule of Cost of Goods Manufactured

Account

Dollar Amount

Direct Materials Used

$1600$

Direct Labor

$6600$

Factory Overhead

$12000$

Manufacturing Costs for the Period

$21,200$

WIP Beginning Inventory

$3000$

WIP Ending Inventory

$4,700$

Total Cost of Goods Manufactured $($Transferred to Finished Goods$)$

$19,500$

PDI Schedule of Cost of Goods Sold

Account

Dollar Amount

Finished Goods Beginning Inventory

$2400$

Cost of Goods Manufactured

$19500$

Cost of Goods Available for Sale

$21,900$

Finished Goods Ending Inventory

$3,150$

Cost of Goods Sold

$18750$

PDI Balance Sheet

Account

Amount

Raw Materials Inventory

$2400$

WIP Inventory

Finished Goods Inventory

$3150$

Total Inventory

$10,250$

Account

Amount

Sales

Cost of Goods Sold

Gross Profit

$31,250$

What is PDI's Gross Margin $($gross profit $\%)($carry to two decimal places$)\_\_\_\_\_\_\_\_\_\_$

Pan Demic, Inc. $($PDI$)$ manufactures and sells cast iron skillets. A finished skillet sells for $$40$ and costs $$15$ to manufacture. PDI uses one raw material, iron ore, which is buys for $$8/$pound$.$ Skillet Forgers heat the iron ore and form it into skillets. Forgers are paid $$55/$hour$.$

This is PDI's second period of operations. You'll need to use information from Period $1$ above to complete the charts for Period $2.$

During the period, PDI purchased $800$ pounds of Iron Ore. At the end of the period, they transferred $1,000$ pounds of Iron Ore to WIP. They used $150$ hours of direct labor and incurred $$12,400$ of Factory Overhead.

PDI ended the period with $$4,850$ in WIP and $210$ skillets in Finished Goods.

PDI Schedule of Raw Materials

Account

Dollar Amount

Purchases

$6400$

Raw Materials Available for USe

$8800$

Raw Materials Ending Inventory

$800$

Direct Materials Used $($Transferred to WIP$)$

$8000$

PDI Schedule of Cost of Goods Manufactured

Account

Dollar Amount

Direct Materials Used

Direct Labor

Factory Overhead

$12,400$

Manufacturing Costs for the Period

WIP Beginning Inventory

WIP Ending Inventory

Total Cost of Goods Manufactured $($Transferred to Finished Goods$)$

PDI Schedule of Costs of Goods Sold

Account

Dollar Amount

Finished Goods Beginning Inventory

$3,150$

Cost of Goods Manufactured

Cost of Goods Available for Sale

Finished Goods Ending Inventory

Cost of Goods Sold

PDI Balance Sheet

Account

Amount

Raw Materials Inventory

$800$

WIP Inventory

$4850$

Finished Goods Inventory

$3,150$

Total Inventory

$8800$

PDI Income Statement

Account

Amount

Sales

Cost of Goods Sold

Gross Profit