Chapter 16: Practice Problem #2 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. Factory Overhead 3 Indirect Materials 96,200 Indirect Labor 525,000 Factory Depreciation 895,600 Factory Prepaid Expenses 1,200,000 Factory Overhead Rate based on Direct Labor 210% Finished Goods Inventory 5 Beginning Inventory Transferred In 3,110,600 Transferred Out Unknown Ending Balance Unknown Cost of Goods Sold Beginning Balance 620,000 Transferred in 2,500,000 Ending Balance Unknown Materials Inventory 1 Beginning Balance 210,000 Purchases Unknown Materials used as Direct Materials Unknown Materials used as Factory Overhead Unknown Ending Balance 298,300 Wages Payable 2 TALE English (United States Focus Tools Table Window Word File Edit View Insert Format Chapter 16 wtoSave os Review View Layout Table Design Mailings References srt Draw Layout Design Aa RCD - A A Calibri (Bo... 10 Normal B I Uab X A DA Purchases Unknown Materials used as Direct Materials Unknown Materials used as Factory Overhead Unknown Ending Balance 298,300 Wages Payable 2 Total Factory Payroll 1,575,000 Direct Labor Unknown Indirect Labor Unknown Work in Process Inventory 4 Beginning Balance 75,600 Direct Materials 805,000 Direct Labor Unknown Unknown Factory Overhead Transferred Out Ending Balance English (United States Unknown Unknown NOV 2