Chapter 16: Practice Problem #2 Directions: Arrange the below accounts in the cost flow order, and determine I the unknown numbers and the ending balances for each occount. Close the overapplied or underapplied Factory Overhead to Cost of Goods Sold, Factory Overhead Indirect Materials Indirect Labor Factory Depreciation Factory Prepaid Expenses Factory Overhead Rate based on Direct Labor 96 200 525,000 895,600 1,200,000 210% Finished Goods Inventory Beginning Inventory Transferred In Transferred Out Ending Balance 3,110,600 Unknown Unknown Cost of Goods Sold Beginning Balance Transferred In Ending Balance 620.000 2.500.000 Unknown Materials Inventory Beginning Balance Purchases Materials Used as Direct Materials Materials Used as Factory Overhead Ending Balance 210,000 Unknown Unknown Unknown 298 300 Wages Payable Total Factory Payroll Direct Labor Indirect Labor 1.575.000 Unknown Unknown Work in Process Inventory Beginning Balance Direct Materials Direct Labor Factory Overhead Transferred Out Ending Balance 75,600 805,000 Unknown Unknown Union Unknown