Direct materials purchased on account | $148,000 |
Direct materials requisitioned | 88,000 |
Direct labor cost incurred | 127,000 |
Factory overhead incurred | 148,000 |
Cost of goods completed | 299,000 |
Cost of goods sold | 250,000 |
Beginning direct materials inventory | 34,000 |
Beginning WIP inventory | 70,000 |
Beginning finished goods inventory | 55,000 |
Overhead application rate, as a percent of direct-labor costs | 105 percent |