Wayland Manufacturing uses a normal cost system and had the following dataavailable for 2019:Direct materials purchased on accountDirect materials requisitionedDirect labor cost incurredFactory overhead incurredCost of goods completedCost of goods sold$148,00082,000130,000Compute the ending balance of finished goods inventory.146,000292,000256,000Beginning direct materials inventoryBeginning WIP inventoryBeginning finished goods inventoryOverhead application rate, as a percent of direct-labor costs 125 percent26,00064,00058,000

Lets understand the basics.Cost of goods completed means total costs of manufacturing the goods that…

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 Beginning direct materials inventory VAI $148,000 82,000 130,000 146,000 292,000 256,000 26,000 14.000

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 Beginning direct materials inventory VAI $148,000 82,000 130,000 146,000 292,000 256,000 26,000 14.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost.
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