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Wilson Company has the following balances as of the year ended December 31, 2019. Direct Materials Inventory $16,000 WIP Inventory 35,500 Finished Goods Inventory 50,500
- Wilson Company has the following balances as of the year ended December 31, 2019.
Direct Materials Inventory $16,000
WIP Inventory 35,500
Finished Goods Inventory 50,500
Manufacturing Overhead 5,000 underapplied
Cost of Goods Sold (before closing
Manufacturing Overhead) 75,500
Additional information as follows:
Cost of direct materials purchased during the year $ 42,000
Cost of direct materials used during the year 48,000
Cost of goods completed during the year 103,000
Factory overhead applied (120% of direct labor cost) 49,000
Show all work and equations
- Beginning Direct Materials Inventory
- Beginning WIP Inventory
- Beginning Finished Goods Inventory
- Actual factory overhead incurred
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