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Direct materials inventory, January 1 $ 2,520 Direct materials inventory, December 31 2,088 Work-in-process inventory, January...

Direct materials inventory, January 1 $ 2,520 Direct materials inventory, December 31 2,088 Work-in-process inventory, January 1 5,440 Work-in-process inventory, December 31 6,110 Finished goods inventory, January 1 22,320 Finished goods inventory, December 31 38,770 Cost of goods manufactured during this year 611,650 Total manufacturing costs 612,320 Direct labor 270,400 Manufacturing overhead 225,000 Average selling price per unit 18 Gross margin percentage (as a percentage of sales) 38 % if this is the infomation given how can I find the direct materials used and the purchases of direct materials??

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Answer #1

Direct materials used = $116,920

Total manufacturing costs = Direct materials used + Direct labor + Manufacturing overhead

$612,320 = Direct materials used + 270,400 + 225,000

Direct materials used = $612,320 – $270,400 – $225,000

Direct materials used = $116,920

Purchases of direct materials = $116,488

Direct materials used = Opening Inventory of Direct material + Purchase of Direct Materials - Closing Inventory of Direct material

Purchase of Direct Materials = Direct materials used - Opening Inventory of Direct material + Closing Inventory of Direct material

Purchase of Direct Materials = $116,920 - $2,520 + $2,088

Purchase of Direct Materials = $116,488

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