Use the following data for Question 5 AND 6.
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),
This question was answered on: Dec 18, 2020
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