The following data refers to one month for Talmidge Company. Fill in the blanks.

Question

The following data refers to one month for Talmidge Company. Fill in the blanks. Direct materials inventory, March 1 Direct materials inventory, March 31 Work-in-process inventory, March 1 Work-in-process inventory, March 31 Finished goods inventory, March1 Finished goods inventory, March 31 $ 32,000 21,500 6,600 3,600 38,700 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs 146,000 43,000 Cost of goods sold Gross margin 179,100 68,000 47,000 Direct labor Direct materials used Manufacturing overhead Sales revenue 320,000

Explanation / Answer

Fill in the Blanks Direct materials Inventory , March 1 32000 Direct materials Inventory , March 31 21500 Work in process Inventory , March 1 6600 Work in process Inventory , March 31 3600 (143000+6600-146000) Finished goods Inventory , March 1 33600 Finished goods Inventory , March 31 38700 Purchase of direct materials 36500 (47000+21500-32000) Cost of goods manufactured during the month 146000 Total manufacturing costs 143000 Cost of goods sold 140900 (320000-179100) Gross margin 179100 Direct labor 68000 Direct materials used 47000 Manufacturing overhead 28000 (143000-68000-47000) Sales Revenue 320000

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