[collegeolol]

Given the following data, calculate the following:

1. Work-in-process inventory, 2/26/2009
2. Finished Goods Inventory, 2/26/2009
3. Direct materials inventory, 2/26/2009

The data blow is from the period of 1/1/2009 - 2/26/2009.

Direct Materials Purchased $ 160,000
Work-in-process inventory, 1/1/2009 $ 34,000
Direct materials inventory , 1/1/2009 $ 16,000
Finished goods inventory, 1/1/2009 $ 30,000
Manufacturing overhead costs 40% of conversion costs
Revenues $ 500,000
Direct manufacturing labor $ 180,000
Prime costs $ 294,000
Gross margin percentage based on revenues 20%
Cost of goods available for sale $ 450,000

I have a few other accounting based questions I really need to get answered tonight... so if anyone is up to it I really need the help.

[collegeolol]

Sorry, just realized this was posted in the wrong forum. I'm just unsure as of how to even go about this problem as it seems like its lacking sufficient data.

[rehmanvohra]

All you need to remember is the definitions:
Prime Cost = Direct Materials Used + Direct Labor
Conversion costs = Direct labor + Overheads
Cost of Goods sold = Sales - Gross margin

Now prepare a skeleton statement of cost of goods manufactured and sold. Fill in the appropriate columns.

You must show your workings for further guidance