Compute the beginning inventory balances of finished goods

Reference no: EM131822079

Question: Discovery of Unknowns Enos Chemicals has the following balances (in millions) on December 31, 20X1:

The cost of goods completed was $970. The cost of direct materials requisitioned for production during 20X1 was $328. The cost of direct materials purchased was $225. Factory overhead was applied to production at a rate of 160% of direct-labor cost. Compute the beginning inventory balances of direct materials, WIP, and finished goods. Make these computations before considering any possible adjustments for overapplied or underapplied overhead.

Reference no: EM131822079

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