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. Bal. 11/30 Raw Material Inventory 40,000 45,000 Work-in-Process Inventory Accounts Payable 12,000 Bal. 10/31 Finished-Goods Inventory Bal. 10/31 8,000 Manufacturing Overhead Bal, 10/31 35,000 Cost of Goods Sold 60,000 Wages 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 $205,100. 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. f. The accounts payable balance on November 30 was $1,000. Only purchases of raw material are credited to accounts payable. A payment of $81,000 was made on November 15 g. November's cost of goods sold amounted to $180,000. h. The November 30 balance in finished-goods inventory was $5,000 1. Payments of $79,500 were made to direct-labor employees during November. The October 31 balance in the Wages Payable account was $1,000. J. The actual manufacturing overhead for November was $60,000.