Crestline Industries uses a normal cost system and had the following data available for 2022: • • • • • • • • • • Direct materials purchased on account: $200,000 Direct materials requisitioned: $95,000 Direct labor cost incurred: $150,000 Factory overhead incurred: $180,000 Cost of goods completed: $350,000 Cost of goods sold: $300,000 Beginning direct materials inventory: $40,000 Beginning WIP inventory: $70,000 Beginning finished goods inventory: $65,000 Overhead application rate, as a percent of direct-labor costs: 120% The ending balance of the direct materials inventory is $

Crestline Industries uses a normal cost system and had the following data available for 2022: • • • • • • • • • • Direct materials purchased on account: $200,000 Direct materials requisitioned: $95,000 Direct labor cost incurred: $150,000 Factory overhead incurred: $180,000 Cost of goods completed: $350,000 Cost of goods sold: $300,000 Beginning direct materials inventory: $40,000 Beginning WIP inventory: $70,000 Beginning finished goods inventory: $65,000 Overhead application rate, as a percent of direct-labor costs: 120% The ending balance of the direct materials inventory is $

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 6BE: Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of...

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