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(Answered) Use the following data for Question 5 AND 6. Wayland


Use the following data for Question 5 AND 6.

 

Wayland
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Use the following data for Question 5 AND 6.,

 

,

 

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 %,

 

,

 

The journal entry to record the materials placed into production would include a: ,

 

,

 

,

 

(Points : 4),

 

credit to Direct Materials Inventory for $41,000,

 

debit to Direct Materials Inventory for $74,000,

 

credit to WIP Inventory for $41,000,

 

debit to WIP Inventory for $74,000,

 

,

 

6. Using the data from #5:,

 

,

 

The ending balance of direct materials inventory is: ,

 

(Points : 4),

 

$46,000,

 

$87,000,

 

$41,000,

 

$54,000

 


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