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Gates Manufacturing reports based on an October 31 fiscal year. As a part of your interview for a cost analyst position, the interviewer provides you
Gates Manufacturing reports based on an October 31 fiscal year. As a part of your interview for a cost analyst position, the interviewer provides you with the following information:
Required:
A. Find the cost of goods manufactured.
B. Find the total manufacturing costs.
C. Find the direct materials used.
D. Find the sales revenue.
Note: Round your answer to the nearest whole dollar.
E. Find the increase (decrease) in direct materials inventory.
DirectmaterialspurchasesWork-in-processinventory,November1Finishedgoodsinventory,November1Finishedgoodsinventory,October31ManufacturingoverheadCostofgoodssoldDirectlaborIncreaseinwork-in-processinventoryAveragesalespriceperunitGrossmarginpercentage$96,00070,00047,80048,80074,600465,20547,40045,0002035% \begin{tabular}{|l|l|l|} \hline a. & Cost of goods manufactured & $ \\ \hline b. & Total manufacturing costs & 466,205 \\ \hline c. & Direct materials used & \\ \hline d. & Sales revenue & $ \\ \hline e. & Decrease in direct materials inventory & 715,700 \\ \hline \end{tabular}
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