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(11/3) Materials 85,400 Finished Goods Inventory ES (11/30) 101,00 anufacturing Overhead Control points Applied facturing Over 262.50 Additional Data Materials of $113,500 were purchased during

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(11/3) Materials 85,400 Finished Goods Inventory ES (11/30) 101,00 anufacturing Overhead Control points Applied facturing Over 262.50 Additional Data Materials of $113,500 were purchased during the month, and the balance in the Materials inventory account increased by $11,800 Overhead is applied at the rate of 150 percent of direct labor cost Sales are billed at 170 percent of cost of goods sold before the over- or underapplied overhead is prorated The balance in the Finished Goods Inventory account decreased by $28,300 during the month before any proration of underor overapplied overhead. Total credits to the Wages Payable account amounted to $200,000 for direct and indirect labor Factory depreciation totaled $50,810. Overhead was underapplied by $24.460. Overhead other than indirect labot, indirect materials and depreciation was $194.850 which required payment in cash Underapplied overhead is to be allocated The company has decided to allocate 20 percent of underapplied overhead to Work in Process Inventory 15 percent to Freshed Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation Required: Complete the T-accounts Not all amount fields to be populated have accompanying descriptions Required: Complete the Taccounts. Not all amount fields to be populated have accompanying descriptions Materials Inventory Beg. Bat. (11/1) Purchases Beg Bal (11/1) Work In Process Inventory 33,500 N A Direct materials Indirect materials Direct labor Overhead applied End. Bal (11/30) 56.900 118.900 End. Bal. (11/30) 118.900 Finished Goods Inventory - Cost of Goods Sold Beg Bal (11/1) Beg Bal (11/1) Bal 101,000 End Bal (11/30) 101.000 End. Bal (11/30) Manufacturing Overhead Control Applied Manufacturing Overhead 252 500 Beg Bal (11/1) Beg Bat (11/1) indirect matorials End Bal (11/30) End Bal (11/30) Wagas Payable Sales Revenue Beg Bal (11/1) Beg Bal (11/1)

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