The Duggart Company Had the Following Transactions and Events During

question 112

Essay

The Duggart Company had the following transactions and events during its first year of operations. Estimated overhead for the year was $770,000; estimated direct labor cost for the year was $350,000.
1. Purchased materials on account, $567,000.
2. Requisitioned materials for production as follows: direct materials - 85 percent of purchases, indirect materials - 12 percent of purchases.
3. Direct labor for production is $331,000, indirect labor is $125,000.
4. Overhead incurred (not including materials or labor): $529,000.
5. Overhead is applied to production based on direct labor cost at the rate of ________.
6. Goods costing $976,000 were completed during the period.
7. Goods costing $513,200 were sold on account for $776,000.
Required:
Determine the ending balances for:
(a) Materials Inventory
(b) Work-in-Process Inventory
(c) Finished Goods Inventory

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Definitions:

Transcribed

The process by which a segment of DNA is copied into RNA by the enzyme RNA polymerase.

Exons

Regions within a gene that are kept after splicing and translated into protein.

Protein-coding Regions

Parts of the DNA or RNA composed of exons that are translated into proteins.

Anticodon

In a tRNA, set of three nucleotides that base-pairs with an mRNA codon.