Before the disaster recovery specialists clean the buildings Kandice Addington the company

Before the disaster recovery specialists clean the buildings Kandice Addington the company
controller is anxious to salvage whatever records she can to support an insurance claim for the
destroyed inventory . She is standing in what is left of the Accounting Department whin Tripp
Myers , the cost accountant
I didn’t know mud could smell so bad , " Tripp says " What should I be looking for ? "
Don’t worry about beginning inventory numbers , " responds Kandice . " We’ll get them from last
year’s annual report . We need first-quarter cost data .
" I was working on the first – quarter results just before the storm hit ," Tripp says " Look my
export’s still in my desk drawer But all I can make out is that for the first quarter , material
purchases were $524 000 and that direct labor manufacturing overhead (other than indirect
materials ) and total manufacturing costs to account for were $514 090 9234 000 ; and
$ 1 492 090 respectively . Wait , and cost of goods available for sale was $1 515 090 . "
" Great , " says Kandice
" I remember that sales for the period were approximately $1 7 million
Given our gross profit of 25 / that’s all you should need " Tripp is not sure about that , but
decides to see what he can do with this information

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