Chapter 16: Practice Problem #1 Directions: Arrange the below accounts in the cost flow order, and determine the unknown numbers and the ending balances for each account. Close the overapplied or underapplied Factory Overhead to cost of Goods Sold. Finished Goods Inventory Beginning Balance Transferred In Transferred Out Ending Balance 95,000 Unknown 1,325,000 Unknown Materials Inventory Beginning Balance Purchases Direct materials used Indirect materials used Ending Balance 45,000 Unknown Unknown Unknown 204,200 Wages Payable Total Factory Payroll Direct Labor Indirect Labor 1,760,000 475,000 Unknown Work in Process Inventory Beginning Balance Direct Materials Direct Labor Factory Overhead Transferred Out 30,000 315,000 Unknown Unknown 2,200,000 Chapter 16 Tedocx Chapter 15 Te...docx Cho 02 H00 Purchases Direct materials used Indirect materials used Ending Balance Unknown Unknown Unknown 204,200 Wages Payable Total Factory Payroll Direct Labor Indirect Labor 1,760,000 475,000 Unknown Work in Process Inventory Beginning Balance Direct Materials Direct Labor Factory Overhead Transferred Out Ending Balance 30,000 315,000 Unknown Unknown 2,200,000 Unknown Factory Overhead Factory Overhead is applied based on direct labor costs. Estimated factory overhead 1,550,000 Estimated direct labor costs 500,000 Actual Other Factory Overhead 12,600 Actual Indirect Materials Used 75,800 Cost of Goods Sold Beginning Balance Transferred In Ending Balance 318 500 Unknown Unknown Chapter 16 Te Ndocx Chapter 16 To docx thao D20 Da