Reference no: EM132979143
Wayland Manufacturing uses a normal cost system and had the following data available for 2019:
Direct materials purchased on account $148,000
Direct materials requisitioned 82,000
Direct labor cost incurred 130,000
Factory overhead incurred 146,000
Cost of goods completed 292,000
Cost of goods sold 256,000
Beginning direct materials inventory 26,000
Beginning WIP inventory 64,000 Beginning finished goods inventory 58,000
Overhead application rate, as a percent of direct-labor costs 125 percent
Problem 1: Compute the ending balance of work-in-process inventory.