A company's overhead rate is 60% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used. Work in Process Inventory Beginning WIP 116,900 Direct materials ? Direct labor ? Applied overhead ? To finished goods ? Ending WIP 152,000 Factory Overhead 116,900 105,210 Finished Goods Inventory Beginning FG 137,100 376,700 349,100

The cost of direct materials used is $124,090

Explanation:

Ending Finished Goods = $349,100 - $376,700 = $137,100 - ($27,600)

Ending Finished Goods = $109,500

Calculation of Direct labor

Here, the company's overhead cost is 60% of direct labor cost

Ending factory overhead cost = 60% * Direct labor cost

$109,500 = 60% * Direct labor cost

Direct labor cost = $109,500 / 60%

Direct labor cost = $182,500

Calculation of direct materials cost

Particular                                                 Amount

Beginning finished goods inventory     $376,700

Add: Ending WIP                                     $152,000

Less: Beginning WIP                               $116,900

Less: Direct labor                                    $182,500

Less: Ending Factory overhead             $105,210

Direct Material Cost                              $124,090

Hence, the cost of direct materials used is $124,090.

answer(b) partnership';

match the scenarios with terms related to financial aid.

pell grant

student loan

merit-based scholarship

richard is one of the leading college basketball players in the state of florida. he also maintains a good academic record. looking at his talent and potential, furman university offers to bear the expenses for his college education.

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anita wants to pursue a certificate program in sports nutrition. to pay for the course, she borrows money by filing the fafsa.

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nathan comes from a low-income household. he wants to pursue an undergraduate degree in marketing. he receives financial aid covering 50 percent of his college expenses. nathan does not have to pay back this amount.

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