Reference no: EM132065380
Question - Consy Company has the following balances as of the year ended December 31, 2014:
Direct Materials Inventory $30,000 Dr.
WIP Inventory 69,000 Dr.
Finished Goods Inventory 99,000 Dr.
Underapplied Factory Department Overhead 8,000 Dr.
Cost of Goods Sold 149,000 Dr.
Additional information is as follows:
Cost of direct materials purchased during 2014 $82,000
Cost of direct materials requisitioned in 2014 74,000
Cost of goods completed during 2014 204,000
Factory overhead applied (120% of direct labor) 96,000
Required:
a. Compute beginning direct materials inventory.
b. Compute beginning WIP inventory.
c. Compute beginning finished goods inventory.
d. Compute actual factory overhead incurred.