Unique Displays designs and manufactures displays used in mobile devices. Serious flooding throughout the region affected Unique 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: (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. Start by determining the ending inventory of raw materials by calculating the direct materials used. Unique Displays Calculation of Direct Materials Used Beginning raw materials inventory For Current Year Plus: Purchases of direct materials Direct materials available for use Less: Ending raw materials inventory Direct materials used 75,000 533,000 608,000 More info Before the disaster recovery specialists clean the buildings, Louise Ditchey, 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 Parker, 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 Louise. "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 $533,000 and that direct labor, manufacturing overhead (other than indirect materials), and total manufacturing costs to account for were $551,000; $218,000; and $1,491,000, respectively. Wait, and cost of goods available for sale was $1,615,000." "Great," says Louise. "I remember that sales for the period were approximately $1.8 million. Given our gross profit of 30%, that's all you should need." Trent is not sure about that, but decides to see what he can do with this information. Print Done - Pu ate En ate Data table . Raw materials, $75,000 Work in process, $226,000 Finished goods, $213,000 He remembers several schedules he learned in college that may help him get started. Print Done - Start by determining the ending inventory of raw materials by calculating the direct materials used. Flex Displays Calculation of Direct Materials Used For Current Year Beginning raw materials inventory Plus Purchases of dect materials Direct materials available for use Less Ending raw materials inventory Direct materials used 103000 520000 623000 that Raw Materials Inventory contains only direct materials Flex Displays designs and manufactures displays used in mobile devices. Serious fooding throughout the region affected Flex 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: (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 Plus Less Calculation of Cost of Goods Manufactured For Current Year Flex Displays designs and manufactures displays used in mobile devices. Serious flooding throughout the region affected Flex Displays facities 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: (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 materia Finally, determine the ending inventory of finished goods by calculating the cost of goods manufactured Flex Displays Calculation of Cost of Goods Sold For Current Year Plus Less