entory 58,000 Direct materials purchased on account $ 70,000 Direct materials used or requisitioned 90,000 Direct labor cost incurred
Preston Manufacturing uses a normal cost system and had the following actual data available for 2015:
Ending direct materials inventory $10,000
Beginning WIP inventory 64,000
Beginning finished goods inventory 58,000
Direct materials purchased on account $ 70,000
Direct materials used or requisitioned 90,000
Direct labor cost incurred 130,000
Factory
Overhead is applied at 150 percent (1.5) of direct-labor cost
Cost of goods manufactured 405,000
Cost of goods sold 460,000
1) The beginning balance of direct materials inventory must be?
2) The ending balance of work-in-process inventory (before closing the manufacturing overhead accounts) must be?
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