Question: Discovery of Unknowns Enos Chemicals has the following balances (in millions) on December 31, 20X1:
The cost of goods completed was $970. The cost of direct materials requisitioned for production during 20X1 was $328. The cost of direct materials purchased was $225. Factory overhead was applied to production at a rate of 160% of direct-labor cost. Compute the beginning inventory balances of direct materials, WIP, and finished goods. Make these computations before considering any possible adjustments for overapplied or underapplied overhead.