Biology Forums - Study Force

LeBlanc Company has the following balances as of the year ended December 31, 2015.

   Direct Materials Inventory   $15,000   Dr.
   WIP Inventory   34,500   Dr.
   Finished Goods Inventory   49,500   Dr.
   Cost of Goods Sold   74,500   Dr.

Additional information is as follows:

   Cost of direct materials purchased during 2015   $41,000
   Cost of direct materials requisitioned in 2015   47,000
   Cost of goods completed during 2015   102,000
   Factory overhead applied (120% of direct labour)   48,000
   Underapplied factory overhead   4,000

Required:
a.   Compute beginning direct materials inventory.
b.   Compute beginning WIP inventory.
c.   Compute beginning finished goods inventory.
d.   Compute actual factory overhead incurred.

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