Question: Missing records, computing inventory costs. Ron Howard recently took over as the controller of Johnson 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 2017) Ron was able to piece together the following information:
Calculate the cost of:
1. Finished-goods inventory, 3/31/2017
2. Work-in-process inventory, 3/31/2017
3. Direct materials inventory, 3/31/2017