Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct - labor costs The ending balance of direct materials inventory is $148,000 84,000 134,000 147,000 290,000 249,000 31,000 67,000 50,000 150 percent

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Direct materials purchased on account
Direct materials requisitioned
Direct labor cost incurred
Factory overhead incurred
Cost of goods completed
Cost of goods sold
Beginning direct materials inventory
Beginning WIP inventory
Beginning finished goods inventory
Overhead application rate, as a percent of
direct-labor costs
The ending balance of direct materials inventory is
$148,000
84,000
134,000
147,000
290,000
249,000
31,000
67,000
50,000
150 percent
Transcribed Image Text:Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs The ending balance of direct materials inventory is $148,000 84,000 134,000 147,000 290,000 249,000 31,000 67,000 50,000 150 percent
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