Wayland manufacturing uses a normal cost system and had the, Ask an Expert

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Wayland Manufacturing uses a normal cost system and had the following data available for 20X5:

Direct materials purchased on account $ 74,000

Direct materials requisitioned 41,000

Direct labor cost incurred 65,000

Factory overhead incurred 73,000

Cost of goods completed 146,000

Cost of goods sold 128,000

Beginning direct materials inventory 13,000

Beginning WIP inventory 32,000

Beginning finished goods inventory 29,000

Overhead application rate, as a percent of direct-labor costs 125 %

what is the ending balance of work-in-process inventory ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M982670

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