Bravo Company provides you with the following information from its accounting records for the most..
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Bravo Company provides you with the following information from its accounting records for the most recent year:
Direct materials purchased ……………………………………………..$180,000
Work-in-process (beginning inventory)………………………………… $50,000
Direct materials (beginning inventory)…………………………………. $25,000
Finished goods (beginning inventory)………………………………….. $75,000
Finished goods (ending inventory) ………………………………………$50,000
Manufacturing overhead costs………………………… 40% of conversion costs
Revenues ……………………………………………………………….$500,000
Direct labor……………………………………………………………. $150,000
Prime costs…………………………………………………………….. $265,000
Gross margin percentage (gross margin as a % of revenues)………………. 25%
Required:
Calculate:
a. Cost of goods sold.
b. Cost of goods manufactured.
c. Manufacturing overhead costs.
d. The cost of materials used in production.
e. The ending balance in work-in-process (WIP)
Bravo Company provides you with the following information from its
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