Rodman company has the following balances for December 31 20x7 Materials Invento

Question

Rodman company has the following balances for December 31 20x7

Materials Inventory            15,000 dr

Work in process inventory 36200 dr

Finished goods inventory   50,100 dr

Manufacture overhead     3,500 dr

cost of goods sold      74,500 dr

Additional information

Cost of materials purchased during 20x7    41,000

cost of direct materials requistioned in 20x7    47,000

cost of indirect materials requisitioned in 20x7     8,000

cost of goods completed 20x7                                    105,000

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

a january 1, 20x7 work in process inventory

b january 1, 20x7 finished goods inventory

c Actual manufacturing overhead incurred

Explanation / Answer

a)20X7 47,000
b) 20x7 8,000
c) 20X7 105,000
d)51,000 * 1.2 = 61,200

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