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