Reference no: EM132611168

THE FOLLOWING INFORMATION APPLIES TO QUESTIONS Wayland Manufacturing uses a normal cost system and had the following data available for 20X5:

Direct materials purchased on account                $ 74,000

Direct materials requisitioned                                41,000

Direct labor cost incurred                                   65,000

Factory overhead incurred                                 73,000

Cost of goods completed                                146,000

Cost of goods sold                                          128,000

Beginning direct materials inventory                  13,000

Beginning WIP inventory                                  32,000

Beginning finished goods inventory                     29,000

Question 1. Give the journal entry to record the materials placed into production.

Question 2. Give the journal entry to record the conversion costs.

Question 3. Give the journal entry to record finished goods transferred to warehouse.

Question 4. The ending balance of direct materials inventory is:

Question 5. The ending balance of work-in-process inventory is:

Question 6. The ending balance of finished goods inventory is:

Question 7. Give the entry if the goods were sold for cash at 150% of cost using perpetual inventory system.