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Please include as much as you can to make an Income Statement, Statement of Cost of goods Sold, Statement of Cost of goods Manufactored. Missing
Please include as much as you can to make an Income Statement, Statement of Cost of goods Sold, Statement of Cost of goods Manufactored.
Missing records, computing inventory costs. Ron Howard recently took over as the controller of Johnson Brothers Manufacturing. Last month, the previous controller left the company with little notice and left the accounting records in disarray. Ron needs the ending inventory balances to report first- quarter numbers. For the previous month (March 2014) Ron was able to piece together the following information: $120,000 Direct materials purchased 35,000 Work-in-process inventory, 31/2014 $12,500 Direct materials inventory, 3/1/2014 $160,000 Finished goods inventory, 3/1/2014 $330,000 Conversion costs $420,000 Total manufacturing costs added during the period Cost of goods manufactured 4 times direct materials used Gross margin as a percentage of revenues 20% $518,750 RevenuesStep by Step Solution
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