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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

  1. 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

  1. Beginning Direct Materials Inventory
  2. Beginning WIP Inventory
  3. Beginning Finished Goods Inventory
  4. Actual factory overhead incurred

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