38 Conundrum Corporation manufactures furniture. Due to a fire in the administrative offices, the accounting records for November of the current year were partially destroyed. You have been able to piece together the following information from the ledger. Raw-Material Inventory 40,000 10 Accounts Payable points 12,000 Bal. 10/31 Bal. 11/30 45,000 0102:23 Work-in-Process Inventory Finished-Goods Inventory Bal. 10/31 8,000 Manufacturing Overhead Bal. 10/31 35,000 Cost of Goods Sold Book Print References 60,000 Mages Payable Sales Revenue 1,500 Bal. 11/30 Accounts Receivable Bal. 10/31 8,000 Upon examining various source documents and interviewing several employees, you were able to gather the following additional Information. a. Collections of accounts receivable during November amounted to $205,000. b. Sales revenue in November was 120 percent of cost of goods sold. All sales are on account. c. Overhead is applied using an annual predetermined overhead rate using direct-labor hours (based on practical capacity) d. The budgeted overhead for the current year is $720,000. e. Budgeted direct-labor cost for the current year is $960,000. The direct-labor rate is $20 per hour.