The Brody Manufacturing Company has the following balances in millions
The Brody Manufacturing Company has the following balances (in millions) as of December 31, 20X1:
WIP inventory ................. $ 18
Finished-goods inventory ............. 180
Direct-materials inventory ............. 74
Factory overhead incurred ............ 192
Factory overhead applied at 150% of direct-labor cost . 174
Cost of goods sold ................ 592

The cost of direct materials purchased during 20X1 was $299. The cost of direct materials requisitioned for production during 20X1 was $242. The cost of goods completed was $630, all in millions.
Before considering any year-end adjustments for overapplied or underapplied overhead, compute the beginning inventory balances of direct materials, WIP, and finished goods.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help