u vertime premium a direct or indirect cost of the products that Louie worked on in December? Explain. 2-39_ Missing records, computing inventory costs. Ron Howard recently took over as the controller of ohnson 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: Direct materials purchased Work-in-process inventory, 3/1/2014 Direct materials inventory, 3/1/2014 Finished goods inventory, 3/1/2014 Conversion costs Total manufacturing costs added during the period Cost of goods manufactured Gross margin as a percentage of revenues Revenues $120,000 S 35,000 $ 12,500 $160,000 $330,000 $420,000 4 times direct materials used 20% $518,750 Calculate the cost of: 1. Finished goods inventory, 3/31/2014 2. Work-in-process inventory, 3/31/2014 3. Direct materials inventory, 3/31/2014