The Duggart Company Had the Following Transactions and Events During

question 56

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.
a.Purchased materials on account,$567,000.
b.Requisitioned materials for production as follows: direct materials - 85 percent of purchases,indirect materials - 12 percent of purchases.
c.Direct labor for production is $331,000,indirect labor is $125,000.
d.Overhead incurred (not including materials or labor): $529,000.
e.Overhead is applied to production based on direct labor cost at the rate of ___ .
f.Goods costing $976,000 were completed during the period.
g.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

---

Definitions:

Schizophrenia

A psychiatric condition marked by peculiar actions, unusual speech, and an impaired comprehension of reality.

Properly Integrated

The effective and seamless incorporation or combination of components into a whole system.

Conventional Antipsychotic

A category of antipsychotic drugs primarily used to treat symptoms of schizophrenia and bipolar disorder, characterized by their dopamine-blocking effects.

Neuroleptic

A type of medication primarily used to manage psychosis, particularly in disorders like schizophrenia, characterized by its tranquilizing effects.