1. Wayland Manufacturing uses a normal cost system and had the following data available for 2010: Direct materials purchased on account $148,000 Direct materials requisitioned 82,000 Direct labor cost incurred 130,000

Factory overhead incurred 146,000 Cost of goods completed 292,000 Cost of goods sold 256,000 Beginning direct materials inventory 26,000 Beginning WIP inventory 64,000 Beginning finished goods inventory 58,000

Overhead application rate, as a percent of direct-labor costs 125% The ending balance of direct materials inventory is_____?

1. $82,000
2. $108,000
3. $174,000
4. $92,000
5. None of the above