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The following records are available for Janson Co. Direct materials purchased $192,000 WIP inventory (3/1) $70,000 FG Inventory (3/1) $180,000 RM inventory (3/1) $25,000 Conversion
The following records are available for Janson Co.
| Direct materials purchased | $192,000 |
| WIP inventory (3/1) | $70,000 |
| FG Inventory (3/1) | $180,000 |
| RM inventory (3/1) | $25,000 |
| Conversion costs for March | $660,000 |
| Total mfg. costs incurred for March | $840,000 |
| COGM for March | 4 times materials used |
| Gross margin percentage | 25% |
| Revenue | $1,037,500 |
Determine the WIP inventory as of 3/31. Note that conversion cost = Direct labor + manufacturing overhead.
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