2-39 Missing records, computing inventory costs. Ron Williams recently took over as the controller of

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2-39 Missing records, computing inventory costs. Ron Williams 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 2011) Ron was able to piece together the following information:Direct materials purchased $ 240,000Work-in-process inventory, 3/1/2011 $ 70,000Direct materials inventory, 3/1/2011 $ 25,000Finished goods inventory, 3/1/2011 $ 320,000Conversion Costs $ 660,000Total manufacturing costs added during the period $ 840,000Cost of goods manufactured 4 times direct materials usedGross margin as a percentage of revenues 20%Revenues $1,037,500Calculate the cost of:1. Finished goods inventory, 3/31/20112. Work-in-process inventory, 3/31/20113. Direct materials inventory, 3/31/2011