Question
Armidale Manufacturing Company's books show the following balances as of December 31, 2020. Materials inventory $15,000 Work in process inventory $36,200 Finished goods inventory $50,100
Armidale Manufacturing Company's books show the following balances as of December 31, 2020.
Materials inventory
$15,000
Work in process inventory
$36,200
Finished goods inventory
$50,100
Manufacturing overhead under-allocated by
$3,500
Cost of goods sold
$74,500
Additional informationfor the year 2020 is as follows:
Cost of materials purchased during 2020
$41,000
Cost of direct materials requisitioned during 2020
$ 47,000
Cost of indirect materials requisitioned during 2020
$ 8,000
Cost of goods manufactured during 2020
$105,000
Manufacturing overhead allocated (120% of direct labor)
$51,000
Work out the following giving all your calculations:
a)January 1, 2020, materials inventory
b)January 1, 2020, work in process inventory
c)January 1, 2020, finished goods inventory
d)Actual manufacturing overhead incurred during 2020
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