Question 1 Wayland Manufacturing uses a normal cost system and had the following data available for 2019: Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold $148,000 82,000 130,000 146,000 292,000 256,000 Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs 125 percent 26,000 64,000 58,000 Compute the ending balance of finished goods inventory. Example of Answer: 4000 (No comma, space, decimal point, or $ sign)
Question 1 Wayland Manufacturing uses a normal cost system and had the following data available for 2019: Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold $148,000 82,000 130,000 146,000 292,000 256,000 Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs 125 percent 26,000 64,000 58,000 Compute the ending balance of finished goods inventory. Example of Answer: 4000 (No comma, space, decimal point, or $ sign)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me
Transcribed Image Text:Question 1
Wayland Manufacturing uses a normal cost system and had the following data
available for 2019:
Direct materials purchased on account
Direct materials requisitioned
Direct labor cost incurred
Factory overhead incurred
Cost of goods completed
Cost of goods sold
$148,000
82,000
130,000
146,000
292,000
256,000
Beginning direct materials inventory
Beginning WIP inventory
Beginning finished goods inventory
Overhead application rate, as a percent of direct-labor costs 125 percent
26,000
64,000
58,000
Compute the ending balance of finished goods inventory.
Example of Answer: 4000 (No comma, space, decimal point, or $ sign)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education