Flex Displays designs and manufactures displays used in mobile devices. Serious flooding through facilities. Inventory was completely ruined, and the company's computer system, including all acce

$($Click the icon to view additional information.$)$

Direct materials used

Next, determine the ending inventory of work in process by calculating the cost of goods manufac

Flex Displays

Calculation of Cost of Goods Manufactured

For Current Year

$\backslash$table$[[$Beginning work in process inventory$],[$Plus: Manufacturing costs incurred$],[$Direct materials used$],[$Direct labor$],[$Manufacturing overhead$],[$Total manufacturing costs to account for$],[$Less: Ending work in process inventory$],[$Cost of goods manufactured$]]$

Finally, determine the ending inventory of finished goods by calculating the cost of goods manufa

Flex Displays

Calculation of Cost of Goods Sold

For Current Year

$\backslash$table$[[$Beginning finished goods inventory$],[$Plus: Cost of goods manufactured$],[$Cost of goods available for sale$],[$Less: Ending finished goods inventory$],[$Cost of goods sold$]]$

Data table

Raw materials, $$85,000$

Work in process, $$231,000$

Finished goods, $$164,000$

He remembers several schedules he learned in college that may help him get started.

More info

Before the disaster recovery specialists clean the buildings, Marissa Anderson, 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 Terry Mitton, the cost accountant.

"I didn't know mud could smell so bad," Terry says. "What should I be looking for?"

"Don't worry about beginning inventory numbers," responds Marissa. "Well 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," Terry 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 $$534,000$ and that direct labor, manufacturing overhead $($other than indirect materials$),$ and total manufacturing costs to account for were $$531,000$;$$219,000$; and $$1,512,000,$ respectively. Wait, and cost of goods available for sale was $$1,615,000."$

"Great," says Marissa "I remember that sales for the period were approximately $$2$ million. Given our gross profit of $25\%,$ that's all you should need." Terry is not sure about that, but decides to see what he can do with this information. Please help me with this