Question

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.



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  • CreatedNovember 19, 2014
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