Determine actual manufacturing overhead incurred

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Reference no: EM132957454

Armidale Manufacturing Company's books show the following balances as of December 31, 2020.

Materials inventory $15,000

Work in process inventory $36,200

Finished goods inventory $50,100

Manufacturing overhead under-allocated by $3,500

Cost of goods sold $74,500

Additional information for the year 2020 is as follows:

Cost of materials purchased during 2020 $41,000

Cost of direct materials requisitioned during 2020 $ 47,000

Cost of indirect materials requisitioned during 2020 $ 8,000

Cost of goods manufactured during 2020 $105,000

Manufacturing overhead allocated (120% of direct labor) $51,000

Problem 1: Work out the following giving all your calculations:

a) January 1, 2020, materials inventory

b) January 1, 2020, work in process inventory

c) January 1, 2020, finished goods inventory

d) Actual manufacturing overhead incurred during 2020

Reference no: EM132957454

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