Rodman Company has the following balances as of December 31, 20×7.
Materials inventory $ 15 000 dr.
Work in process inventory 35,200 dr.
Finished goods inventory 50,100 dr.
Manufacturing overhead (after allocation) 3,500 dr.
Cost of goods sold 74,500 dr.
Additional information is as follows:
Cost of materials purchased during 20X7 $ 41,000
Cost of direct materials requisitioned in 20×7 47,000
Cost of indirect materials requisitioned in 20X7 8,000
Cost of goods completed in 20X7 105,000
Manufacturing overhead allocated (120% of direct labor) 51,000
Required:
a) January 1, 20X7, materials inventory
b) January 1, 20×7, work in process inventory
c) January 1, 20X7, finished goods inventory
d) Actual manufacturing overhead incurred