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 45,000 Purchases Unknown Direct materials used Unknown Indirect materials used Unknown Ending Balance 204.200 Wages Payable Total Factory Payroll Direct Labor Indirect Labor Work in Process Inventory Beginning Balance Direct Materials Direct Labor Factory Overhead Transferred Out Ending Balance 1.760,000 550.500 Unknown 30,000 315.000 Unknown Unknown 2,200,000 Unknown Factory Overhead Factory Overhead is applied based on direct labor costs. Estimated factory overhead Estimated direct labor costs Actual Other Factory Overhead Actual Indirect Materials Used 1.500.000 461,538 12.600 80.700 **Please note that the Factory Overhead Rate must be calculated. Canvas includes an example of how to calculate the Factory Overhead Rate. Round the Factory Overhead Rate to two decimal points. Example: 1.25 or 125%.