Following balances as of the year ended December 31, 2019 of Yelen Trading co. Direct Materials Inventory Finished Goods Inventory 15,000 Debit 49,500 Debit 34,500 Debit 74,500 Debit WIP Inventory Cost of Goods Sold Cost of direct materials purchased Cost of direct materials requisitioned Cost of goods completed Factory overhead applied (120% of direct labour) 48,000 Underapplied factory overhead 41,000 47,000 102,000 4,000 a. Find beginning direct materials inventory b. Find beginning WIP inventory

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Following balances as of the year ended December 31, 2019 of Yelen Trading co.
Direct Materials Inventory
Finished Goods Inventory
15,000 Debit
49,500 Debit
34,500 Debit
74,500 Debit
WIP Inventory
Cost of Goods Sold
Cost of direct materials purchased
Cost of direct materials requisitioned
Cost of goods completed
Factory overhead applied (120% of direct labour) 48,000
Underapplied factory overhead
41,000
47,000
102,000
4,000
a. Find beginning direct materials inventory
b. Find beginning WIP inventory
Transcribed Image Text:Following balances as of the year ended December 31, 2019 of Yelen Trading co. Direct Materials Inventory Finished Goods Inventory 15,000 Debit 49,500 Debit 34,500 Debit 74,500 Debit WIP Inventory Cost of Goods Sold Cost of direct materials purchased Cost of direct materials requisitioned Cost of goods completed Factory overhead applied (120% of direct labour) 48,000 Underapplied factory overhead 41,000 47,000 102,000 4,000 a. Find beginning direct materials inventory b. Find beginning WIP inventory
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