Ideal Displays designs and manufactures displays used in mobile devices. Serious flooding throughout the region affected Ideal 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: PE (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 Materials Inventory contains only direct materials. Ending raw materials inventory Before the disaster recovery specialists clean the buildings, Maggie Calhoun, 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 Mackey, 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 Maggie. "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 $530,000 and that direct labor, manufacturing overhead (other than indirect materials), and total manufacturing costs to account for were $545,000; $218,000; and $1,523,000, respectively. Wait, and cost of goods available for sale was $1,415,000." "Great," says Maggie. "I remember that sales for the period were approximately $1.6 million. Given our gross profit of 25%, that's all you should need." Trent is not sure about that, but decides to see what he can do with this information. Data Table Raw materials, $103,000 Work in process, $194,000 Finished goods, $152,000 He remembers several schedules he learned in college that may help him get started. Print Done